World’s Third Largest Bitcoin Whale Buys in 456 BTCs for $21 Million

Despite Bitcoin’s choppy behavior institutional investors continue to explicate their trust in the crypto coin.

456 BTCs, Brought in by World’s Third Largest Bitcoin whale

According to a report from Bitinfocharts world’s third largest Bitcoin whale has further brought in 456 BTCs just hours before. With an average price of $46.3k per coin the purchase has costed the whale $21 million approximately. With this recent addition the total number of BTCs the whale holds has reached 120,845.57, worth $5.6 billion. Though the whale had brought 6 BTCs less than an hour into the new year this recent addition is the first major transaction.

Bitcoin in a Bearish Zone

Rather obviously, the purchase is made because of BTC‘s bearish price action. Over the past seven days the premier cryptocurrency has remained stagnant, recording the highest and lowest level at $45k and $48k, respectively.

Data shows that the low trading volume across major exchanges might be the major cause of BTC’s ongoing price action.  Further, It seems like the people are opting for safer option rather than going for “risk-on assets” like BTC. Specifically, Tesla and Apple stocks have performed pretty well. As apple’s market value, in particular, for a brief period, touched $3 trillion.

Finance Market Overview

One more thing to note here is that in Dec the US Federal Reserve signaled that they will be exercising a stringent monetary policy in 2022, as the interest rate is going to be increased thrice in the year. Over the years it has been observed that such a finance market environment affects both stocks and crypto negatively.

According to the Wall Street Journal, stock market’s recent behaviour is largely caused by the “new money” like pension funds that people usually invest when a new period starts.

Currently trading at $46,475 the BTC is down 1% in a day, however, the coin has been depreciated by 5% over the last 30 days.