A bitcoin whale recently pulled the trigger on another large order, buying over $37 million (about Rs 278 crore) of bitcoin after waiting a few weeks – a wait that has been unusual for whales. Leading crypto analyst tweeted. The address associated with this whale shows the acquisition of BTC 596 at an average price of $62,934 (approximately Rs 47,21,151). The buy comes at a time when the world’s most popular cryptocurrency hit a new all-time high, before most investors decided to consolidate profits.
The development was spotted by a Cryptoquant analyst who is run by the Twitter handle @ VentureFounder. The analyst revealed on Twitter that the third-largest bitcoin whale had suddenly made a major acquisition. The same account previously tracked multiple buys and sells of bitcoin price movements.
Whale Whale Whale, see who decided to come back:
— VentureFounder (@VentureFounder) 26 October 2021
the same analyst saw similar buying activity From the same whale in September, right after the bitcoin price collapsed following China’s crypto ban. The mysterious whale wallet then became the owner of more than 112,000 BTC, worth approximately $4,857 billion (about Rs 35,805 crore). The data shows that the wallet then bought bitcoin in two halves, first adding 408 coins and then 321 coins.
The interesting trend here is that the big whales make such huge additions (in terms of sheer value) when the value of bitcoin is at multi-week lows. For example, in September, the same whale pulled the trigger only when the value of BTC fell by over $10,000 (approximately Rs 7.3 lakh) from an early September high of $52,000 (about Rs 38.3 lakh).
After the April-May market crash, many whale accounts tried to make similar deposits. crypto coins. At that time, bitcoin had fallen sharply below $30,000 (approximately Rs 22.1 lakh), which made investing in crypto assets a very attractive move.
It is worth noting that the current rally, in which BTC rose from $40,000 (approximately Rs 30,00,700) at the end of September to a new high of over $67,000 (approximately Rs 50,26,172) last week, was also . attributed to whales Making large purchases at least according to on-chain data.
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