This anonymous wallet added an additional 488 BTC to its address as the market bleeds
While a large percentage of inexperienced cryptocurrency traders is panic selling their relatively small holdings, this whale adds an additional 488 BTC to his or her wallet that already contains 124,487 coins, which exceed Michael Saylor’s collateral for almost 100 coins.
whale averaging down
If we take a look at the activity in the whale market, it’s easy to notice that the big player has been constantly adding more coins to his wallet since Bitcoin began to fall from its all-time high of nearly 70. $000.
By averaging down, large players on the market are able to minimize their losses after the asset’s price recovers in the future. The same strategy is often used by Michael Saylor’s MicroStrategy. The company has also been buying cryptocurrency despite market conditions.
The average wallet entry remains at around $22,000 per Bitcoin, meaning the whale is up at least 63% at this point. When Bitcoin was trading at the top, the profitability of the large portfolio was holding at around 200%.
Compared to MicroStrategy, the anonymous whale remains significantly more profitable than the company that currently holds almost $4.5 billion worth of Bitcoin.
Cryptocurrency market performance
The sell-off in the cryptocurrency market has worsened the market since the start of the new year, with the majority of digital assets losing up to 50% of their market value in less than a month.
According to funding and account data on various centralized exchanges that allow users to trade perpetual futures, almost half of traders on the platform have turned bearish as the number of short positions on the market increases exponentially.
At press time, Bitcoin is trading at $36,420 and has lost 0.6% of its value in the past 24 hours.
