Bitcoin anonymous whale added another 488 BTC to his address while the market bleeds
While a large percentage of inexperienced crypto traders are panic selling their relatively small holdings, this Bitcoin whale added 488 BTC to his wallet, already containing 124,487 coins, exceeding Michael Saylor’s collateral for nearly 100 coins.
Anonymous Bitcoin whale adds 488 BTC during a market dip, balance total at 124,487 BTC
If we take a look at the market activity of whales, it is easy to see that the major players are constantly adding funds to their wallets since Bitcoin started to fall from its all-time high near $70,000.
By averaging down, the major players in the market can mitigate their losses after future asset price recoveries. Michael Saylor’s MicroStrategy often uses the same strategy. The company has also purchased cryptocurrencies despite market conditions.
The average wallet entry remains at approximately $22,000 per Bitcoin, meaning whales are up at least 63% at this point. When Bitcoin was trading at its peak, the big wallet profitability was approximately 200%.
Compared to MicroStrategy, the anonymous whale is still significantly more profitable than the company, holding nearly $4.5 billion in Bitcoin.
The crypto market sell-off has been worsening the market since the start of the new year as most digital assets lost up to 50% of their market value in less than a month.
According to account and account data on various centralized exchanges that allow users to trade perpetual futures contracts, almost half of the traders on the platform have dropped in price as the number of positions has increased market sales increased exponentially.
At the time of writing, Bitcoin is trading at $36,420 and has lost 0.6% of its value in the past 24 hours.
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