Buying The Dip: 3rd Largest Bitcoin Wallet Just Bought $23 Million Worth of BTC
5 d ago•2 min read•Bitcoin
The third-largest bitcoin wallet has been busy buying the dip. During the current market downturn, the whale entity added almost 500 BTC to its stash.
The mysterious third-largest Bitcoin whale bought 490 BTC when it was exchanging hands at around $46,800 in a transaction with a face value of $23 million. WhaleAlert reported that it took place on September 8 at 00:05 GMT, and the coins were moved from the US-based crypto exchange Coinbase. As of press time, that whale still holds 4,000 more BTC than at the all-time high at $65,000, bringing its worth to $5 billion. CryptoPotato reported on August 27 that this BTC whale also accumulated more Bitcoin with two purchases. One of them was 466 bitcoins at the $47,400 level. The previous one was on August 26 with a modest transaction of 38 BTC, totaling a purchase worth $23 million at today’s prices. All the trades were made from a Coinbase wallet. The whale’s maneuver came after the recent bloodbath experienced by the cryptocurrency market– the same day when El Salvador became the first country in the world to make Bitcoin a legal tender. Unfortunately, the market lost over $330 billion from its total capitalization, turning this into one of the worst days since May 19th. Altcoins also followed the same path, with the top-ten coins plummeting across the board, except for Solana (SOL), which managed to keep positive on a weekly basis despite the sell-off.