After Shiba Inu and Ethereum whales took the spotlight, Bitcoin whales are back in action. The third biggest whale address purchased 207 Bitcoin’s during the recent dip which is worth a staggering $12 million.
The whale picked up 207 BTC’s for $62,000 but the leading coin has unfortunately slumped further to $59,600. The whale in question is currently at loss but that won’t last forever.
”As of now, this address has increased its holdings by 635 BTC in November. The current balance of this address is 108,528.56 BTC, and the unrealized income is 4,632,109,617.37 USD,” said journalist Colin Wu on the development.
”According to BitInfoCharts, Bitcoin’s third-largest non-exchange whale address (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) bought 207 BTC today at 8:41:44 on November 16th at an average price of $62053,” another tweet read from Wu Blockchain.
Bitcoin Whale Buying Pattern Similar to 2017 Bull Run
Whales are acting the same way they did in 2017 when the market dipped. They purchased more BTC’s and eventually turned it into a bull market months later and reaped all the profits.
A similar pattern is seen in 2021 and would it be another mirror reflection of 2017’s bull market is a ‘wait and watch’ game. In addition, the crypto market at present is bullish in nature and this could help BTC to shoot up further.
Bitcoin has dipped close to -8% in the last 24-hours day trade. Despite the dip, BTC remains to be the ‘go-to’ cryptocurrency for whales with a solid buy orders.
”This pattern is obvious during the last bull run (2017) when the All Exchanges To Derivative Exchanges indicator peaked many times and the price experienced a jump after each time. Right now, during the Bull run, the metric has peaked four times indicating whales are buying and hedging their coins continuously,” said a contributor to fellow on-chain analytics firm CryptoQuant.
”In my opinion, whales and big players usually hedge their Bitcoins by transferring to derivatives exchanges and taking short positions when they buy a huge amount of BTC on price bottoms,” the contributor summed it up.
Bitcoin at the time of publishing was trading at $59,650 and is down -1.97% in the 24-hours day trade. BTC is picking up steam and financial experts predict it could break out and reach another new all time high (ATH) in the coming months. Several financial institutions have also invested in BTC making its volume spike up tenfold.