One of the largest Bitcoin whales seems to have taken advantage of the latest crypto market turmoil by buying the dip.
The third-largest bitcoin wallet has been busy buying the dip. During the current market downturn, the whale entity added almost 500 BTC to its stash.
- The mysterious third-largest Bitcoin whale bought 490 BTC when it was exchanging hands at around $46,800 in a transaction with a face value of $23 million.
- WhaleAlert reported that it took place on September 8 at 00:05 GMT, and the coins were moved from the US-based crypto exchange Coinbase.
- As of press time, that whale still holds 4,000 more BTC than at the all-time high at $65,000, bringing its worth to $5 billion.
- CryptoPotato reported on August 27 that this BTC whale also accumulated more Bitcoin with two purchases. One of them was 466 bitcoins at the $47,400 level. The previous one was on August 26 with a modest transaction of 38 BTC, totaling a purchase worth $23 million at today’s prices. All the trades were made from a Coinbase wallet.
- The whale’s maneuver came after the recent bloodbath experienced by the cryptocurrency market– the same day when El Salvador became the first country in the world to make Bitcoin a legal tender.
- Unfortunately, the market lost over $330 billion from its total capitalization, turning this into one of the worst days since May 19th.
- Altcoins also followed the same path, with the top-ten coins plummeting across the board, except for Solana (SOL), which managed to keep positive on a weekly basis despite the sell-off.