One of the most giant Bitcoin whales seems to have taken advantage of the latest crypto market turmoil by buying more BTC as Bitcoin price drops.
3rd largest BTC wallet buying the dip Bitcoin price
According to an announcement from Whale Alert, during the current market downturn, the whale entity added nearly 500 BTC as the price was sitting at $46,800, or $23 million.
Source: Whale Alert
The transaction took place on September 8 at 00:05 GMT, and the coins were moved from the US-based crypto exchange Coinbase. In another development, as AZCoin News reported, the U.S. Securities and Exchange Commission (SEC) is targeting this exchange as they do with Ripple.
As of press time, that whale still holds 4,000 BTC more than its all-time high of $65,000, bringing its value to $5 billion. Accordingly, on August 27, this BTC whale also accumulated more Bitcoin with two purchases. One of them is 466 BTC at $47,400. The previous one was on August 26 with a modest trade of 38 BTC, a total purchase of $23 million at today’s prices. All transactions are done from the Coinbase wallet.
The whale’s move comes after the recent bloodbath that the crypto market went through – the same day when El Salvador became the first country in the world to make Bitcoin a legal tender. Unfortunately, the market has lost more than $330 billion from its total capitalization, making this one of the worst days since May 19.
Altcoins are also following a similar path, with the top ten plungings across the board, with the exception of Solana (SOL), keeping the weekly positive despite the sell-off.
Read more:
- Fast-Food Giant McDonald’s Began Accepting Bitcoin Payments In El Salvador
- El Salvador Bought Its First 200 Bitcoin, Ordered Sanctions Businesses That Refuse To Accept BTC