The development was spotted by a CryptoQuant analyst who runs by the Twitter handle @venturefounder. The analyst took to Twitter to reveal that the third-largest Bitcoin whale had suddenly made a big acquisition. The same account had earlier made multiple purchases and sales tracking Bitcoin’s price movements.
Whale whale whale, look who decided to come back:
— venturefoundΞr (@venturefounder) October 26, 2021
The same analyst had noticed similar buying activity from the very same whale back in September, right after Bitcoin’s price drop following China’s crypto ban. The mysterious whale wallet had then become the owner of more than BTC 112,000, which is worth about $4,857 billion (roughly Rs. 35,805 crore). Data showed that the wallet bought Bitcoins back then in two chunks, adding 408 coins first and then another 321 coins.
The interesting trend here is that the bigger whales make such large additions (in terms of sheer value) at a time when Bitcoin’s value is at a multi-week low. In September, for example, the same whale pulled the trigger only when BTC’s values had plunged by over $10,000 (roughly Rs. 7.3 lakh) from its early September high of $52,000 (roughly Rs. 38.3 lakh).
Following the April-May market crash, several whale accounts similarly tried to accumulate crypto coins. At that time, Bitcoin had dropped drastically to below $30,000 (roughly Rs. 22.1 lakhs), which made investing in the crypto asset a very lucrative move.
It’s worth noting that the current rally, which saw BTC going from $40,000 (roughly Rs.30,00,700) at the end of September to a new all-time high at over $67,000 (roughly Rs. 50,26,172) last week, was also attributed to whales making large purchases, at least according to on-chain data.