According to Bitinfocharts data, the whale has bought 2,822 bitcoin in the past seven days, increasing its wallet to a total of $5.2 billion. That’s how it caught the attention of crypto analyst Benjamin Cowen, who points out that the whale is actively trading rather than just buying and holding. The whale apparently followed the textbook by buying when the price dropped and selling when the price spiked.
“We can see that the whale has regularly added to its holdings in the low 40k and high 30k price ranges. It’s so interesting because it wasn’t that long ago that he sold something.”
Other whales should also act more actively. In contrast to the bitcoin whale’s active trading strategy, Cowen notes that most of the wealthiest bitcoin wallets only buy occasionally, usually after large corrections. This is not a buy signal for Bitcoin. It would be better if they changed their strategy:
“The reason I keep watching these wallets is that it would be nice if they would buy again. If we’re sitting here and bitcoin is trading at a certain price in the future and we’re all kind of depressed about it and we see those wallets picking up again, boy, that would be interesting. We would say, ‘well, they have $3,800 bitcoin, bottom was $3,100, then they picked it up at $31,000 when bottom was $29,000, so maybe they’ll do a good job again in the future’.”
The bitcoin whale is “only” the third largest bitcoin hodler overall. If we just look at the private investors, he or she would actually be the biggest.
1 thought on “Bitcoin Whale Buys More Than $117,000,000 BTC In A Single Week”
[…] realized gains for Ethereum were slightly higher than Bitcoin during this period. Ethereum profits totaled $76.3 billion globally, compared to $74.7 billion for […]