One of the world’s biggest Bitcoin addresses has just added $207,000 worth of BTC to its balance. The owner was able to accrue such a large amount through an unknown process that they’ve become known as one of the ‘big three’ whales.
Foundation executives have been quick to downplay the significance of this transaction, as such transactions are not uncommon and do not necessarily indicate insider trading. However, some evidence has emerged that indicates a surprisingly large amount of 2077 BTC was sold out from under the market in just one day.
The “who owns 1p5zedwtktfgxqjzphgwpqupe554wkdfhq” is the 3rd biggest whale address. It has added 207 BTC at $62K.
As data demonstrates conventional bull market behavior, Bitcoin (BTC) whales are back in the game around $60,000.
On Nov. 16, the third-largest Bitcoin whale address raised its holdings by 207 BTC, according to on-chain monitoring services.
The dip is purchased by whales.
Despite losing 8% in the last 24 hours, Bitcoin remains a good investment for the majority of its investors.
At a price of $62,053 per bitcoin, one address, now the third biggest with a balance of 193433.46915660 BTC, added the equivalent of $12.84 million to its balance.
In November, this address raised its holdings by 635 BTC, according to writer Colin Wu.
“This address’s current balance is 108,528.56 BTC, with an unrealized income of $4,632,109,617.37 USD.”
As proven by blockchain data spanning prior cycle peaks, such whale behavior is frequent during bull runs.
“Whales and big players, in my opinion, usually hedge their Bitcoins by transferring to derivatives exchanges and taking short positions when they buy a large amount of BTC at price bottoms,” one contributor to CryptoQuant explained on Tuesday.
“This trend can be seen during the most recent bull run (2017), when the All Exchanges To Derivative Exchanges indicator crested many times and the price jumped each time. Currently, during the Bullrun, the indicator has peaked four times, showing that whales are consistently purchasing and hedging their coins.”
According to the article, this is a “long-term positive indicator” for price activity.
The price of bitcoin has remained stable.
Long-term holders have started net lowering their BTC holdings as of this month, according to Cointelegraph.
Related: Bitcoin’s latest all-time high was triggered by record whale accumulation
The occurrence of “distribution,” as seen starting in November last year, has typically followed the most ravenous period of bullish market activity.
Contrary to forecasts from Whalemap, a specialized tool for tracking whale behavior, heavy buying volume at $62,000 was not enough to avoid a revisit of lower levels Tuesday.
Since then, $BTC 62800 has been played out. To be honest, I wouldn’t want to break it. pic.twitter.com/VS1plF3ytv
November 15, 2021 — whalemap (@whale map)
The “largest bitcoin holders 2021” is a website that tracks the top addresses with the most bitcoins. The 3rd biggest whale address adds 207 BTC at $62K.
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