Third Largest Bitcoin Whale Buys 207 BTC During Dip

Written By Guest User

  • On-chain data indicates that the third largest Bitcoin whale address has added 207 BTC to its holdings, an equivalent of $12.84 million at the price of $62,053 per Bitcoin.

  • The address currently has a total of 193,433.46915660 BTC, equaling to about $12 billion USD.

  • This behavior by addresses holding large amounts of Bitcoin, typically referred to as “whales”, is common during bull runs where these large holders continue to buy price drops in an effort to accumulate more BTC in an effort to profit as the price swings back up.

  • One of the ways whales and big players hedge their Bitcoins during this volatile movements is by transferring their Bitcoin to derivatives exchanges and opening short positions while at the same time buying on spot large amounts of BTC at the bottom of the downtrend. This ensures that the whale is profitable in every direction, where if the price falls then the short is profitable, but if price increases then the newly purchased Bitcoin goes up in value.

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