This Mega-Whale Purchased Around 30,000 Bitcoins (BTC) Over the Last Weekend

Bhushan Akolkar
July 19, 2021
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Bitcoin

Bitcoin (BTC) has been trading under pressure over the last week and now consolidating at around $31,500 levels. With the BTC price down 9% on the weekly charts, whales are seeing this as an opportunity to add more.

As per data on BitInfoCharts, a Bitcoin mega-whale has purchased nearly 30,000 Bitcoins over the last weekend between July 16-18. The same entity controls around 144,000 Bitcoins across 18 wallets, with each containing exactly 8000 BTC since December 2018. Over the last three days, the same whale purchased 29,880 BTC for about 950 million USD.

This mega whale never made a single purchase nor sold any of his Bitcoin until recently. Purchased in December 2018 at $3970 with a net investment of USD 31 million, the holding value now stands at $252 million.

The data on BitInfoCharts shows addresses ranked 89-106, all holding 8000 Bitcoin before the recent purchase. The cumulative Bitcoin holdings of the eight addresses with 144,000 BTC is now worth a massive $4.55 billion.

This clearly shows that big players in the market have continued accumulation during the recent price correction.

Bitcoin On-Chain Metrics

The on-chain data for Bitcoin has been much impressive though in recent times. The unique number of Bitcoin addresses interacting with the network has been on a constant decline since the correction of mid-May 2021. On the other hand, there’s no sign of trend-reversal at this current stage.

Courtesy: Santiment

However, as CoinGape reported, the retail interest in bitcoin still remains healthy at the current stage. Here’s what popular market analyst Will Woo has to say:

The bitcoin market might have gained institutional support with several financial giants and wealthy traders flocking to add BTC to their portfolio, but it’s the retail traders that drive the market. Willy Woo pointed that retail traders continue to buy more Bitcoin in the ongoing dip.

During the latest Bitcoin mining difficulty adjustment last Saturday, July 17, the BTC price dropped another 5% hitting its new low since January 2020. The hash rate is once again moving north moving above 100m TH/s.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.