After a good run over the past few weeks, the Bitcoin rally has come to a screeching halt, at least for now. Here’s where the whales come in. In fact, one particular whale is actually keen on raking in more and more coins as price takes another breather.
After the cryptocurrency fell below the psychological support level of $ 60,000, the third largest Bitcoin whale recovered an additional 1,647 BTC on November 17. The amount rounds up to approximately $98.8 million. In the last five days, the whale has added a total of 2,977 BTC.
Buy Bitcoin Dip
Bitcoin has depreciated nearly 11% over the past week. Despite this, the cryptoasset remains lucrative among investors large and small. This whale, for one, has been quite active and responsive to the price action. They were on a wave of accumulation for the past two weeks, but changed their tone near the peak and sold 1,500 BTC. Some suggest that this is classic bull market behavior.
More recent data, on the other hand, demonstrated a considerable spike in investors’ interest coinciding with the price fall. Other than a few deviations, market players did not spend their coins. The general market sentiment is “too hodl” at the moment. Even if bitcoin’s price has risen significantly since the May correction, the coins have primarily remained in investors’ wallets.
An increase in the accumulation of long-term players is generally followed by a sharp rise in prices. It will be interesting to see if this new trend of increasing buyer volume manages to curb a deeper correction in the near term and catapult BTC from the current lows.
Wallet activated after years of dormancy
Recently, a Satoshi-era bitcoin whale wallet with $ 150 million in BTC was reactivated. It had remained dormant for eight long years. When the last transaction occurred back in 2013, the wallet holder had around $294,000 worth of BTC.
Thanks to the ballistic rise of the asset this year, the value has reached new highs. Notably, the latest transaction was observed on the same day when Bitcoin hit a new ATH of $69,000. This was enough to spark interest, as many in the community began to speculate that the wallet could belong to the mysterious creator of Bitcoin, Satoshi Nakamoto.
During its period of inactivity, the whale wallet seemed to have has received small amounts of BTC several times. However, these are tiny amounts and appear to be dust attacks by malicious entities.
