Tis’ the ‘Buy the Dip’ season for Bitcoin whales. With the global financial market suffering from adverse effects of the new COVID-19 variant ‘Omicron’, this Bitcoin whale decided to leverage the bear market and buy 2702 more BTCs in one day.
Activities of the wallet were posted by CryptoQuant-certified analyst “@venturefounder”, an on-chain analyst. As per their tweet, the wallet added 2,702 BTCs worth $50,700 per BTC at the time. Overall, the whale bought a whopping $137 million worth of BTCs.
You already bought 8,117 #BTC in the low $50k since the November correction, BTC dumped <$50k suddenly, what do you do?
The 3rd largest #Bitcoin whale wallet: BUY 2,702 more BTC in one day.
This #whale wallet added 2,702 $BTC today at $50.6k for a whopping total of $136.7M USD. pic.twitter.com/BlbcgpKbrR
— venturefoundΞr (@venturefounder) December 7, 2021
As per the post, the whale now has over 118,017 BTCs, making it “the highest number of Bitcoin ever held in this wallet”. Since November, this wallet has purchased 5,624 bitcoins, worth more than $290 million at current levels.
At press time, their total holdings amount to more than $6 billion, which resulted in the whale accumulating at least $3.5 billion in gains.
@venturefounder pointed out that there’s a possibility that this wallet is a ‘cold wallet’ owned by an exchange like Robinhood. However, the assumption might be unlikely due to the wallet’s inconsistencies in transaction volume & pattern.
In addition, @whale_alert, which detects large on-chain remittances, posted on the 7th that a transfer of 14,124 BTCs occurred from crypto exchange Binance to Xapo. Xapo, a subsidiary of crypto exchange Coinbase, is a custody service for institutional investors.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 14,124 #BTC (717,059,069 USD) transferred from #Binance to #Xapohttps://t.co/23O5P9i060
— Whale Alert (@whale_alert) December 7, 2021
