The third-largest Bitcoin wallet address has just bought an additional 2700 coins during the recent market dips. The whale bought the additional coins as the primary cryptocurrency started slightly recovering, moving from $47K to around $51K.
The mysterious whale has been on a buying spree since Bitcoin started taking major price dips. Over the past two weeks, this address has purchased more than 5600 coins.
Whale spends $140M to “buy the dip”
This whale address is known for buying during market dips and selling during peaks. Recently, Bitcoin has more than dipped, given that on December 4, prices crashed from around $58K to $42K before making a slight jump to $48K.
Currently, Bitcoin’s price is up by around 8%, and it is trading at around $51,000. However, this whale address did not buy during the $42K dips but has bought the coin at over the $50,000 price mark.
In the recent purchase, the whale address bought 2702 coins at an average of $50,621 per coin. Going by the prices shows that the whale address spent around $140 million to make the recent purchase.
As aforementioned, this whale address has been buying Bitcoin since the prices started falling from an ATH of $69K to below $60K. Since November 22, the whale address has bought $290 million worth of Bitcoin, going by the current prices.
A tweet by Venturefounder states that the whale address currently holds 118,017 coins in the wallet, which is the highest number of Bitcoins that the address has ever held. The other time when the whale held a large number of tokens was in July this year when the prices of Bitcoin fell to below 30,000.
“This is officially the highest number of Bitcoin EVER held in this wallet: 118,017 BTC. In total, the whale has put $2.5B to buy BTC with an average cost basis of $21,160 per BTC,” Venturefounder tweeted.
Altcoin season?
Bitcoin is currently showing signs of a slight recovery. However, the gains made by Ethereum during the past 24 hours are higher than Bitcoin’s. Moreover, Ether’s losses during the recent crash are smaller compared to Bitcoin, which lost around $20,000 from its ATH during the recent crash.
The gains and resilience shown by Ethereum and other altcoins have analysts debating whether this could be the altcoin season. Moreover, the ETH/BTC trading pair recently reached an all-time high, showing that investors were using Ether to hedge against Bitcoin’s crash.
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