Bitcoin (BTC) coming in at $ 50,000 overnight inspired one of the biggest wallets to buy the equivalent of $ 137 million more.
Blockchain data from on-chain monitoring resource BitInfoCharts highlights how one entity ‘bought the downside’ like no other.
Someone “buys the drop” to the tune of $ 137 million
After buying frequently since BTC / USD hit $ 69,000 last month, the wallet holder increased the overnight update with a single purchase of 2,700 BTC, bringing their total to 118,017 BTC.
The purchase overshadows previous recent transactions, and as a popular Venturefounder Twitter account Noted, brings the holder’s balance to “huge” record levels.
“This is officially the highest number of Bitcoin EVER held in this wallet: 118,017 BTC, in total the whale took US $ 2.5 billion to buy BTC with an average cost of $ 21,160 per BTC, “the account tweeted.
“The second highest number of BTC was in July 2021 (low $ 30,000 BTC).”
The shares are working against the general trend, which has seen whales deposit BTC in exchanges since Friday’s crash.
While there is no compelling evidence that the portfolio is a private investor, Venturefounder added that its business is different from a business entity such as a cold wallet or an exchange fund, citing “Many strategies buy the downside and sell rally behavior and clear long-term accumulation trend. “
Altcoin Profits Eat Bitcoin’s Bouncing Lunch
As Cointelegraph reported, opinions remain mixed as to whether the bottom is for Bitcoin or another price drop is due first.
Related: BTC Sentiment ‘Like a Funeral’ – 5 Things To Watch Out For In Bitcoin This Week
A strong rebound among the major altcoins further reinforced beliefs by some that some form of ‘alternate season’ could enter as BTC consolidates.
Ether (ETH) rose 11.4% on Tuesday, topping BTC / USD in a move copied by several other large-cap tokens.
ETH / BTC hit its highest levels since February 2018 overnight, data from Cointelegraph Markets Pro and TradingView confirm.
“The best time to buy altcoins is probably the current weeks,” said Michaël van de Poppe, contributor to Cointelegraph. argued, adding that Bitcoin had “probably bottomed out.”