Bitcoin (BTC) has been trading under pressure over the last week and now consolidating at around $31,500 levels. With the BTC price down 9% on the weekly charts, whales are seeing this as an opportunity to add more.
As per data on BitInfoCharts, a Bitcoin mega-whale has purchased nearly 30,000 Bitcoins over the last weekend between July 16-18. The same entity controls around 144,000 Bitcoins across 18 wallets, with each containing exactly 8000 BTC since December 2018. Over the last three days, the same whale purchased 29,880 BTC for about 950 million USD.
This mega whale never made a single purchase nor sold any of his Bitcoin until recently. Purchased in December 2018 at $3970 with a net investment of USD 31 million, the holding value now stands at $252 million.
The data on BitInfoCharts shows addresses ranked 89-106, all holding 8000 Bitcoin before the recent purchase. The cumulative Bitcoin holdings of the eight addresses with 144,000 BTC is now worth a massive $4.55 billion.
This clearly shows that big players in the market have continued accumulation during the recent price correction.
Bitcoin On-Chain Metrics
The on-chain data for Bitcoin has been much impressive though in recent times. The unique number of Bitcoin addresses interacting with the network has been on a constant decline since the correction of mid-May 2021. On the other hand, there’s no sign of trend-reversal at this current stage.
The bitcoin market might have gained institutional support with several financial giants and wealthy traders flocking to add BTC to their portfolio, but it’s the retail traders that drive the market. Willy Woo pointed that retail traders continue to buy more Bitcoin in the ongoing dip.
During the latest Bitcoin mining difficulty adjustment last Saturday, July 17, the BTC price dropped another 5% hitting its new low since January 2020. The hash rate is once again moving north moving above 100m TH/s.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.