Having been inactive for several weeks, the third largest Bitcoin investor acquired 596 BTC this week.
Analyst at CryptoQuant under the nickname VentureFounder
reported on the results of monitoring the balance on the giant’s wallet on the On-chain website. This large investor acquired 596 BTC for over $ 37.5 million on October 26 at an average price of $ 62,934. VentureFounder noted that the whale has not been very active over the past several weeks.
According to the expert, the whale has previously made several purchases and sales in accordance with the movement of the BTC price. A large investor was very active throughout 2021. For example, in April, he sold a significant chunk of his reserve in bitcoins when the cryptocurrency surged above $ 60,000. Then he began to re-accumulate the cryptocurrency when the asset lost half its value in the following months. And in just two weeks of Bitcoin’s fall from $ 53,000 to $ 40,000 and below, he acquired BTC worth about $ 170 million.
The tactics of this whale differed from the actions of many investors: while others were selling bitcoin, it accumulated it. On September 21, he bought 321 BTC (about $ 13 million). On the night of September 23, the price of bitcoin jumped to $ 44,000, and the giant’s appetite increased. He bought another 408 BTC (about $ 18 million). As a result, the amount on his wallet increased to 112,202.52 BTC, that is, almost $ 5 billion. In early October, he sold some of the bitcoins at $ 56,000 before redeeming them a day later at a higher price.
According to the data
Оn-chainBitcoin’s current rally, in which the first cryptocurrency rose from $ 40,000 at the end of September to a new all-time high of $ 67,000 last week, was largely driven by large investors.