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The third largest bitcoin whale bought another 596 coins worth over $37 million

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A bitcoin whale recently pulled the trigger on another large order, buying over $37 million (about Rs 278 crore) of bitcoin after a few weeks of waiting – a wait that has been unusual for whales, a major The crypto analyst tweeted. The address associated with this whale shows the acquisition of BTC 596 at an average price of $62,934 (approximately Rs 47,21,151). The buying comes at a time when the world’s most popular cryptocurrency hit a new all-time high, before most investors decided to consolidate profits.

The development was spotted by a Cryptoquant analyst who is run by the Twitter handle @ VentureFounder. The analyst revealed on Twitter that the third-largest bitcoin whale had suddenly made a major acquisition. The same account had previously made many buys and sells tracking the price movements of bitcoin.

The same analyst observed similar buying activity from the same whales in September, just after the bitcoin price plunged following China’s crypto ban. The mysterious whale wallet then became the owner of more than 112,000 BTC, worth approximately $4,857 billion (about Rs 35,805 crore). The data shows that the wallet then bought bitcoin in two halves, first adding 408 coins and then 321 coins.

The interesting trend here is that when bitcoin’s value is at multi-week lows, the big whales make such a huge increase (in terms of sheer value). For example, in September, the same whale pulled the trigger only when the value of BTC fell by over $10,000 (approximately Rs 7.3 lakh) from an early September high of $52,000 (about Rs 38.3 lakh).

After the April-May market crash, several whale accounts similarly tried to deposit crypto coins. At that time, bitcoin had fallen sharply below $30,000 (approximately Rs 22.1 lakh), which made investing in crypto assets a very attractive move.

It is worth noting that the current rally, in which BTC rose from $40,000 (approximately Rs 30,00,700) at the end of September to a new high of over $67,000 (approximately Rs 50,26,172) last week, was also . At least according to on-chain data, whales are responsible for making large purchases.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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