Bitcoin has been on a correction course over the past couple of weeks and it has turned out to be an immense opportunity for BTC whales to buy the dip, particularly one whale that added BTC 6,770 worth $ 384.29 million (roughly Rs. 2,878.3 crore) to their kitty in less than two weeks. The whale, who happens to be the third-largest BTC whale, has been buying Bitcoin in chunks for nine straight days, their latest purchase being on Thursday when they added another BTC 105 (worth $ 5.96 million / roughly Rs. 44.63 crore) to their wallet.
This particular whale appears to be pretty active, buying and selling the asset whenever there is a sharp dip or appreciation, but given the rough patch Bitcoin has been recently, the whale has been on a BTC accumulation spree, as CryptoQuant’s analyst VentureFounder commented on Twitter . Starting from November 12, the whale has made nine consecutive purchases as Bitcoin’s price was declining. The first one, for BTC 1,123, came at just over $ 64,000 (roughly Rs. 47.94 lakh), while the last one – from Thursday, was at a price tag of $ 57,900 (roughly Rs. 43.3 lakh) and was for BTC 105.
As per VentureFounder, this whale now has their highest wallet balance in four months, back when Bitcoin’s price was around $ 30,000 (roughly Rs. 22.46 lakh).
Crypto analytics firm Santiment claims Bitcoin whales, in general, have been buying the dip. The firm notes on Twitter that active Bitcoin whale addresses holding between BTC 100 to BTC 10,000 have accumulated about BTC 59,000 during the past week’s price dip. With Bitcoin trading at $ 58,498 (roughly Rs. 43.8 lakh) at the time of writing, that amount of BTC is currently worth about $ 3.45 billion (roughly Rs. 25,845.59 crore).
Santiment also says Bitcoin supply continues to move off of exchanges despite the recent bearish price action, which lowers the risk of a mass sell-off. Additionally, as per Santiment’s weighted sentiment tracker, Bitcoin’s current social sentiment is at its most bearish level in seven weeks, according to the analytics firm.
Santiment’s weighted sentiment tracker analyzes the positive and negative commentary surrounding a crypto asset. The firm says prices tend to top out when social sentiment gets too high and bottom out when the metric gets too low.
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