Baisakhi MishraThe mystery BTC whale, who had been sending significant amounts of money to Coinbase on a regular basis, has changed his stance on the world’s largest cryptocurrency. They gathered more than 500 bitcoins on Thursday and Friday, according to on-chain data. With two acquisitions in the last two days, one of the largest Bitcoin whales has rekindled his hunger for accumulating bitcoin.
Image Source: USA News Lab
Bitcoin Whale Has Returned to Purchasing
When it comes to BTC holdings, CryptoPotato has already reported on some of this whale’s activities – whose Bitcoin address finishes in WKDfHQ. For example, data showed that in April, they sold near the all-time high of nearly $60,000.
They bought more coins when the price dropped below $40,000 a few months later. This happened after a barrage of negative press from Elon Musk and China, and bitcoin had retraced more than 50% in a matter of weeks at one time.
They began transferring large amounts of their BTC holdings to Coinbase again in late July. In August, the same thing happened on a few occasions. In reality, the address hadn’t had bitcoin inflows since July 21st (the day following the asset’s most recent meltdown, when the price fell below $30,000).
However, as one of CryptoQuant’s analysts who goes by the Twitter handle VentureFounder pointed out, they have resumed accumulating. On August 27th, this whale wallet purchased 466 bitcoins for $47,400. This was followed by a smaller transaction of 38 BTC on August 26th. At today’s pricing, the 504 coins have a total USD value of roughly $24 million. Both transfers to their address originated from a Coinbase wallet, which is worth mentioning.
Update on Bitcoin prices
This whale wallet paid $47,400 for 466 bitcoins on August 27th. On August 26th, there was a lesser transaction of 38 BTC. The 504 coins are worth around $24 million in USD at today’s prices. It’s worth noting that both transfers to their address came from a Coinbase wallet.
Bitcoin is currently trading close to $47,000, as reported earlier today. This followed a near $4,000 retracement in a few days following the peak of above $50,000 on Monday. However, bitcoin is still down approximately 27% since its all-time high in April.
On a year-to-date basis, though, the cryptocurrency is in the black. It started 2021 at around $29,000, representing a 62 percent increase from January 1st.
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