Crypto whale spotted buying a massive 30,000 Bitcoins adding to the whale's total wallet wealth of 144,000 $BTC. The coins were spread across 18 different wallets. Is it the right time to buy?
Crypto Whale Spotted Buying Massive Amounts of Bitcoin
According to CoinGape, $BTC has been trading under pressure over the past week and is now somehow consolidating around the leveling $31,500. With the price of $BTC down by 9% on the weekly charts, whales are seeing this as an opportunity for them to add even more.
BitInfoCharts shows a Bitcoin mega whale has been spotted buying 30,000 $BTC over the course of the last weekend between July 16, 2021 to July 18, 2021. The exact same entity controls 144,000 Bitcoins spread through 18 different wallets.
8,000 $BTC Stretched Accross 18 Wallets
Each of them contain exactly 8,000 $BTC ever since December 2018. Over the course of the last three days, the exact same whale purchased 29,880 $BTC for $950 million USD. Although there have been a lot of movements purchasing $HEX making the price go up, this has been stretched over time but the massive $BTC purchase is a different story.
This is big news as the mega whale has not made a single purchase or even sold any of his $BTC until just recently. Initially purchased in December 2018 at $3,970 with a massive net investment of $31 million USD with a holding value which now stands at $252 million.
BitInfoCharts Data Revealed
BitInfoCharts data shows addresses that are ranked 89-106, all of them holding 8,000 Bitcoin before its recent purchase. The cumulative Bitcoin holdings of the whole eight addresses with 144,000 $BTC is currently worth a massive $4.55 billion. In other news, a huge amount of Ethereum was stolen from THORchain.
The recent purchase shows the market's big players accumulating more Bitcoin through the recent price correction. While the opinions regarding Bitcoin still remain divided, CoinGape reports that the retail interest in Bitcoin is actually able to remain healthy at the cryptocurrency's current stage.
Cryptocurrency Analysts on Bitcoin
Popular analysts give different opinions regarding cryptocurrency. The market analyst Will Woo states that the $BTC market might have actually gained massive institutional support with a number of financial giants and wealthy traders all flocking in order to add $BTC to their own portfolio.
It's the retail traders, however, that drive the market. Willy Woo pointed out that retail traders will continue to buy much more stock of Bitcoin in the ongoing dip. During the latest $BTC mining difficulty adjustment that happened last Saturday on July 17, 2021, the Bitcoin price dropped yet another 5% hitting its new low ever since January 2020. The hash rate is now once again moving north above the 100m TH/s.
This article is owned by Tech Times
Written by Urian B.