The 3rd whale is accumulating as Bitcoin price drops again, now it holds more than 111,000 BTC
After buying the dip with a significant amount of BTC during the Bitcoin price drop, the third-largest whale currently holds over 111,000 BTC. This is the sign indicating that whales might start moving after increased volatility on the market.
BTC/USD 4-hour chart | Source: TradingView
3rd most giant whale purchased $13M worth of Bitcoin price at $40,500
Bitcoin’s latest drop to around $40,000 has allowed the third-largest BTC whale to accumulate more portions of the asset at a discount. In a “buy the dip” moment, the organization bought more than $13 million worth of cryptocurrency.
Reports have been regularly tracking the behavior of this mysterious whale or at least one of their addresses. Around April, the institution sold a significant portion of its holdings as Bitcoin spiked to an all-time high above $60,000.
In the subsequent correction, when the price fell below $40,000 and even $30,000, the whale resumed its appetite by making several consecutive purchases. Interestingly, nearly all of them came when Bitcoin had dropped several thousand dollars from the local peaks.
These transactions usually take place on Coinbase. A few hours ago, the most recent purchase took place when the institution bought and transferred 321 BTC at an average price of $40,500, about $1,000 above the intraday low. As this address shows, the whale made several consecutive transfers to the wallet. The total amount in storage is currently 111,795 BTC, or about $4,750 billion. According to analysts, this whale has an unsold profit of approximately $2.4 billion.
The 3rd largest Bitcoin whale address behavior
Historically, the “buy the dip” strategy has been particularly popular in the cryptocurrency market. As a result, many people are using the falling price to accumulate more coins. Now, however, it seems the trend has spread beyond the community and into entire countries. As AZCoin News reported, El Salvador also bought 150 BTC after the price dropped to $45,000.
Source: Google Trends
As you can see, based on the data from Google Trends, it can be seen that the keyword “buy the dip” hit a peak of 100 on September 21st.
Read more:
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