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.
Trending Stories
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.
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.
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?