One of the World’s Largest Bitcoin Whale Purchased Another $137M Worth of BTC

Bitcoin starts a new week with traders still digesting the impact from the previous huge price drop, in which BTC reached at $41,900 at once but comeback to $50,000 overnight prompted one of the world’s largest wallets to purchase another $137 million worth of the cryptocurrency.

Bitcoin

Bitcoin is currently trading at $50,781.09, with a 4.06 percent increase. BTC’s trading volume is $34,797,122,051 in the previous 24 hours, with a market cap of $959,454,707,138. Large-volume trading moves suggest that a new Bitcoin price drop is yet possible.

The BTC whale upped the ante overnight with a single purchase of 2,700 BTC, bringing their total to 118,017 BTC, after buying frequently since BTC/USD hit all-time highs of $69,000 last month, bringing the holder’s balance to “whopping” record levels, as observed by popular Twitter account Venturefounder.

You already bought 8,117 #BTC in the low $50k since the November correction, BTC dumped <$50k suddenly, what do you do?

The 3rd largest #Bitcoin whale wallet: BUY 2,702 more BTC in one day.

This #whale wallet added 2,702 $BTC today at $50.6k for a whopping total of $136.7M USD. pic.twitter.com/BlbcgpKbrR

— venturefoundΞr (@venturefounder) December 7, 2021

“This is officially the biggest number of Bitcoins ever held in this wallet: 118,017 BTC, in total the whale has put $2.5 billion USD into buying BTC with an average cost base of $21,160 per BTC.”

Whales have been depositing BTC to exchanges since Friday’s crash, bucking the prevailing trend. While there is no proof that the wallet is a private investor, Venturefounder claims that its conduct differs from that of a corporate organization like an exchange cold wallet or fund, citing that many strategic buy the drop & sell the rally behaviors and evident long term accumulation pattern.

A big rally in key altcoins has fueled speculation that an “alt season” could emerge as BTC consolidates. The best time to buy altcoins is certainly right now, as Bitcoin had “probably bottomed out.”  Furthermore, ETH surged 11.4 percent Tuesday, beating BTC/USD in a move that was replicated by numerous other large-cap tokens.