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November 29, 2022
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Bitcoin

The third largest buy whale more Bitcoin

Not all high-volume holders are interested in selling or remaining in peace this week.

Bitcoin’s return to $50,000 overnight inspired one of the largest wallets to buy the equivalent of another $137 million.

Blockchain data from the on-chain monitoring feature BitInfoCharts highlight how one entity “bought the dive” like no other.

Someone “buys the dive” worth $137 million

After buy often since the BTC/USD peaked at $69,000 last month, the wallet holder has increased its contribution overnight with a single purchase of 2,700 BTC – totaling 118,017 BTC.

The purchase trumps previous recent transactions and how observed the popular Twitter account Venturefounder, takes the holder’s balance to “colossal” record levels.

“This is officially the highest number of Bitcoin that has ever existed in this portfolio: 118,017 BTC, in total, the whale has put in $2.5 billion dollars to buy BTC at an average cost of $21,160 per BTC,” the account tweeted.

The second highest BTC count was during July 2021 (down $30k BTC).

The actions contradict the general trend, which has seen whales transfer Bitcoin to Exchanges since Friday’s crash.

While there is no indisputable evidence that the portfolio is a private investor, Venturefounder added that its activity is different from a corporate entity such as a portfolio or cold-wallet fund, citing “Many strategic behaviors buy dip and sell rally and clarify the long-term accumulation trend.”

Recent transaction history for the third largest BTC portfolio. Source: BitInfoCharts

Altcoin Profits Eat Bitcoin in Recovery

At opinions remain confused about whether the rock bottom is for Bitcoin or whether another price drop is due first.

A strong jump among the top altcoins has further added to the convictions of some that a form of “alternative season” could come in as Bitcoin takes hold.

Etherium rose 11.4% on Tuesday, outpacing the BTC/USD in a move copied by several other large cap tokens.

ETH/BTC hit its highest levels since February 2018 overnight, TradingView data confirms.

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1 Month ETH / BTC Candle Chart (Bitstamp). Source: TradingView

Source: Cointelgraph

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