A password will be e-mailed to you.

After break, third largest bitcoin whale buys $24M worth of BTC

The 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.

Don’t forget to share this article with your family and friends if you found it informative! Please share your thoughts in the comment section below.

Also Read: Safemoon Swap is trending on Twitter, Here’s what you need to know!

Comments

comments

No more articles
Send this to a friend