Bitcoin has been on a downward trend in recent weeks, providing an excellent chance for BTC whales to purchase the drop, with one whale adding BTC 6,770 worth $384.29 million (approximately Rs. 2,878.3 crores) to their account in less than two weeks.
The third-largest Bitcoin whale has been buying Bitcoin in chunks for nine days, the most recent purchase being on Thursday when they added another BTC 105 (worth $5.96 million/roughly Rs. 44.63 crores) to their wallet.
This whale looks to be rather active, buying and selling the asset anytime there is a dramatic decline or rise, but given Bitcoin’s current bad patch, the whale has been on a BTC collecting spree, according to CryptoQuant’s analyst VentureFounder on Twitter.
Since November 12, when Bitcoin’s price began to fall, the whale has made nine straight acquisitions. The first one, for BTC 1,123, cost just over $64,000 (approximately Rs. 47.94 lakh), while the final one, for BTC 105, cost $57,900 (about Rs. 43.3 lakh) and was available starting Thursday.
According to VentureFounder, this whale currently has the biggest wallet balance in four months, when Bitcoin was approximately $30,000 per coin (roughly Rs. 22.46 lakh).
Bitcoin whales have been buying the dip, according to crypto analytics firm Santiment. Active Bitcoin whale addresses holding between BTC 100 and BTC 10,000 have accumulated around BTC 59,000 during the recent price drop, according to the firm’s Twitter account.
Bitcoin is now valued at $3.45 billion, with a price of $58,498 (approximately Rs. 43.8 lakh) at the time of writing (roughly Rs. 25,845.59 crores).
Despite the current unfavorable price movement, Santiment claims that Bitcoin supply continues to flow off exchanges, reducing the possibility of a widespread sell-off. Bitcoin’s current social mood, according to Santiment’s weighted sentiment tracker, is at its most pessimistic level in seven weeks.
The weighted sentiment tracker from Santiment examines the positive and negative sentiment surrounding a cryptocurrency. According to the business, prices tend to peak when social sentiment is at an all-time high and fall when it is at an all-time low.