The third-largest Bitcoin whale is still in an accumulation spree, recently adding nearly 1000 BTC to its wallet as price came tumbling from $59,250 to $54,000 in just two days. It comes after BTC options expired on Friday and sparked a huge panic selling.
Crypto whales are good at proving the long-term tried and tested investment strategy – that wealth too often moves from impatient to patient hands. Thus, the accumulation trend by whales has been dominant since April. Such accumulation debunks the myth that Bitcoin is in a long-term slide and strengthens the notion that it is just a matter of time before the crypto starts to shoot up again.
“Note, while it’s possible this is a cold wallet for exchanges like Robinhood, transaction volume and pattern doesn’t seem to support this, very inconsistent from other cold wallets. For one, many strategic buy the dip and sell the rally behaviors and clear long term accumulation trend,” a Cryptoquant commented on the matter.
A close look at the said whale wallet – which is now holding a total of 114,999 BTC, shows this is the 11th accumulation purchase this month. All the coins have been acquired at the price of between $54,000 and $67,000 and the latest purchase may have just been the lowest accumulation price for the whale this month.