Over a two-week period, a particular whale address has been accumulating BTC on the regular. This whale address has racked up over 6,600 BTC, as the crypto’s price fell 10 during the same period.
According to reports, this whale address tends to sell whenever the price appreciates significantly over a particular time frame. But, in the past eleven days, the whale has solely focused on purchasing rather than selling, as discovered by Venturefounder, a CryptoQuant analyst.
Whale Address Records Third Highest BTC Purchase in Two Weeks
The whale address made its first purchase of 1,123 BTC on November 12, shortly after the price of the flagship cryptocurrency fell. As of the time of the purchase, BTC price was a little over $64,000.
According to reports, the whale made seven extra purchases after the first on November 13, 14, 15, 16, 17, 18, and 19, with the last purchase of 616 BTC coming yesterday November 23. The total value of yesterday’s purchase was $35.3M at $57,400 per BTC.
Across the two weeks span, the whale has accumulated a total of 6,665 coins, which is worth $375M at current dollar value. Venturefounder tweeted on his page that the whale has the highest portfolio balance in four months.
Other Bitcoin Whale Purchases
Since the start of the year, there have been a number of BTC whale purchases. Typically, when the price of BTC dips, traders capitalize on the slump to acquire more BTC.
El Salvador did it twice. The country, which became world’s first to use BTC as legal tender, bought in the dip in September, shortly after its adoption announcement and later in October.
In late August, a mysterious whale address, which ended with WKDfHQ, acquired over 466 BTC at the $47k price after transferring its Bitcoin holdings to Coinbase. This accumulation came after the whale had bought 38 BTC the previous day.
Venturefounder studied the whale address and found that it sold at a neat ATH of $60k back in April. Two months later, it resumed accumulation amid China and Elon Musk’s FUD, purchasing BTC at a price below $38k.
A month later, another whale address bought in the dip by racking up 408 coins at a price of $41.5k shortly after price rebounded. Before then, it had accumulated 321 BTC at $40.5k amounting to $13M, taking the total holdings to 112,202 BTC as of the time of the rebound.
At press time, the price of the flagship cryptocurrency is $56.7k, down 0.66%, as the market correction continues.