Bitcoin’s third-largest whale address has added a total of 6,665 BTC to its stash over the last 11 days when the price of the flagship cryptocurrency started dropping. Blockchain data shows the whale currently has 113,863.56 BTC in its wallet.
According to CryptoQuant analyst VentureFounder, the whale has been consistently adding more bitcoin to its wallet ever since the price of the flagship cryptocurrency started dropping. On November 12, the whale made eight consecutive purchases when BTC’s price started dropping, with the first one coming in at around $64,000 per coin.
Its most recent purchase was of 616 BTC when the cryptocurrency was trading around $57,400, meaning they invested $35.3 million more on the cryptocurrency. The whale has added a total of 6,665 BTC, worth nearly $380 million.
Per CryptoQuant’s analyst, the whale now has its highest balance since July 2021, when it accumulated bitcoin after the price of the cryptocurrency crashed to around $30,000 after hitting a then-new all-time high around $64,000.
Earlier, a separate analyst contributing to on-chain analytics firm CryptoQuant explained that whales and large players “usually hedge their Bitcoins by transferring to derivatives exchanges and taking a short position when they buy a huge amount of BTC on price bottoms.”
As CryptoGlobe reported bitcoin whales, defined as large investors who hold over 1,000 BTC, have been accumulating BTC while fearing fiat currency inflation may get out of control and after fueling the cryptocurrency’s renewed rally this year.
According to Chainalysis’ market intel report published earlier this month, first spotted by CoinDesk, bitcoin whales accumulated 142,000 BTC last week, moving their total holdings close to the 200,000 mark, a high that hadn’t been seen so far this year.
To Chainalysis, whale accumulating amid inflation fears appear to confirm BTC is seen as digital gold, but could also be a sign institutional investors are making a longer-term investment in the flagship cryptocurrency.
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