The third-largest Bitcoin whale has bought over 2,700 coins just in one day as the cryptocurrency spiked above $50,000. This whale has acquired more than 5,600 BTC in the last two weeks.
The behavior of this particular whale has been known for some time now. This mystery entity tends to sell anytime the crypto’s price has gone on a tear and reaccumulates whenever it cools off.
In the last few days, BTC plummeted from $58,000 to $42,000 on Saturday. However, this whale stayed silent during this period and made no purchase, at least in this known wallet.
However, as soon as BTC started its recovery and reclaimed $50,000 today, this whale started buying. They have bought 2,702 coins at an average price of $50,621; this accumulates to about $140 million spent.
As VentureFounder, CryptoQuant’s analyst, pointed out, since Nov. 22, this whale has accumulated 5,624 BTC, which amounts to $290 million at today’s prices. VentureFounder also noted that this is “officially the highest number of Bitcoin ever held in this wallet: 118,017,” as this whale has spent around $2.5 billion.
The initial record was in July this year when the asset dropped around and below $30,000.
Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.