Mega Bitcoin whale buys another 4,118 BTC, adding them to their crypto riches
According to Twitter user @Diditaihuttu, a giant Bitcoin whale owns 122,000 BTC, continuously buying more coins throughout 2021 and accelerated buying last November. Since then, this whale has purchased over 4,000 BTC, adding them to their crypto wealth.
A major Bitcoin whale has been adding Bitcoin to its already massive holdings since November
“The last time this mega whale (122k bitcoins) sold bitcoin was the 8th of November 2021. At that they he sold 1500 $BTC, and after that, he has only been buying!!!” Didi Taihuttu ALLIN stated.
Source: ₿ Didi Taihuttu ₿ ALLIN/Twitter
According to BitinforCharts, this account (with address 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) currently holds a total balance of 122,972 Bitcoins, which is equivalent to $5,179,111,161.
Over the past few months, since November, this whale has been buying Bitcoin stashes sized from 120 to almost 500 BTC. According to Diditaihuttu, who shared a screenshot of the whale’s purchases, the mega Bitcoin holder made only one sale of 1,500 BTC. Aside from that, the whale has only been grabbing more BTC.
Whale activity in the market does not follow the general trend that traders saw in March and October. In addition to inactivity, exchange addresses are still missing both Ethereum and Bitcoin inflows, while non-exchange addresses accumulate.
During a crypto market correction, whales tend to enter an accumulation phase and buy more coins or tokens to increase their positions and cover future losses when the market rebounds.
“Major whale transactions aren’t quite coming at the frequency they were in October or November. Our metrics indicate that the BTC network is getting around 13k transactions per day that exceed $100k in value. ETH’s network is seeing about 9k per day”, Santiment stated.
A spike often follows this trend in the activity of large on-chain addresses. But according to Santiment, whales are not exhibiting the same trading activity as we have previously witnessed under similar market conditions.
About 13,000 transactions appear on-chain beyond the $100,000 threshold in today’s market. The same value in previous correction periods was around 40,000 transactions for Bitcoin.
While Bitcoin whale activity leaves something desired, Ethereum’s exchange cash flows are still nearing an all-time low. At the same time, with exchanges not receiving any coins, whale-level addresses are constantly accumulating more coins, which is often seen as a bullish sign.
“The amount of Ethereum held by the top 10 NON-EXCHANGE whale addresses has now ballooned to 25.7 ETH held. Meanwhile, the top 10 EXCHANGE whale addresses continue falling, with only 3.57 ETH. This ratio is the highest since the asset’s inception”, Santiment stated.
The top holdings of non-exchange addresses hit an all-time high of 25 million coins. A large portion of the supply on these addresses is most likely held by private funds rather than large retail investors.
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