Third-Largest Bitcoin Whale Buys 2,702 BTC Worth $137M

Third-Largest Bitcoin Whale Buys 2,702 BTC Worth $137M

The third-largest Bitcoin BTC/USD whale added $137 million to their holdings on Monday.

What Happened: According to data from BitInfoCharts, the wallet holder added 2,702 BTC worth $137 million at an average price of $50,700 per coin.

The whale now holds a total of 118,017 BTC worth more than $6 billion. At current prices, their profit exceeded $3.53 billion.

CryptoQuant analyst VentureFounder noted that while it was possible the address in question is a cold wallet for a crypto exchange such as Robinhood Markets Inc HOOD, the transaction volumes and patterns of BTC acquisition suggest it is an individual private investor.

Another technical analyst speculated that the recent whale buy was “interesting” given the recent sale of Tesla Inc TSLA stock by Elon Musk.

“It’s definitely an entity with a significant amount of capital if they are making very large buys with this frequency,” he said.

The whale has been steadily acquiring BTC since early 2019 with the earliest transactions indicating they bought 1119 BTC at an average price of $3,600 per coin.

Meanwhile, other whale wallets had been captured sending coins to crypto exchanges before the weekend’s massive selloff.

CryptoQuant noted the exchange whale ratio had reached more than 95% as whales continued to deposit their coins.

“Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k, addresses holding 100 to 10k BTC have accumulated 67k more BTC after dumping the same amount before the price drop,” noted on-chain analytics tool Santiment.

BTC Price Action: At the time of writing, Bitcoin was trading at $51,398.38, gaining 4.49% in the last 24 hours.

Photo by Todd Cravens on Unsplash

Posted In: Digital WalletswalletswhaleWhalesCryptocurrencyNewsTop StoriesMarkets