Bitcoin whales expands their portfolio as the prices plunged

• Bitcoin whales are constantly adding more coins to their portfolio
• An anonymous whale has acquired more 488 BTC following the recent market crash
• The whale’s portfolio is still up by more than 63% at this point

Bitcoin whales and hodlers have continued to accumulate more of the crypto asset following several plunges. As the prices in the market crashed, a large percentage of retail investors and inexperienced traders commenced to panic sell their small holdings. On the other hand, hodlers and whales see such a crash as a buying opportunity. Hence, an anonymous whale has acquired more 488 BTC following the recent market crash. Notably, with the latest purchase, the wallet address exceeded MicroStrategy’s collateral for almost 100 coins.

Bitcoin whales continues accumulation

While observing the Bitcoin whales in the market, it is easy to notice that they are constantly adding more coins to their portfolio. It is noticeable that since the price of the flagship cryptocurrency began to tumble from it’s all-time high, these large players have accumulated more of the assets at several levels.

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According to experts, by averaging down, Bitcoin whales in the market are able to maximize their losses after the asset’s price recovers in the future. 

Simultaneously, we have observed Michael Saylor, the CEO of MicroStrategy using some similar strategy. The business intelligence firm has also bought the asset despite market conditions.

Anonymous whale is enjoying profits

The anonymous BTC whale has accumulated more 488 coins during the latest market dip. Currently, the investor hodls 124,487 BTC. According to transaction details, the wallet address’ average entry stays at approximately $22k per BTC. The stats show that the whale’s portfolio is still up by more than 63% at this point. Indeed, when the leading cryptocurrency was trading at the top, the whale’s profitability was staying approximately above 200%.

If they compare the Bitcoin portfolio of MicroStrategy with the whale’s, it is observed that the anonymous whale remains significantly more profitable than the firm. Notably, MicroStrategy currently hodls almost $4.5 billion worth of the coin designed by Satoshi Nakamoto.

Bitcoin’s price performance

Bitcoin sell-off in the market has been aggravating the entire market since the beginning of this month. The majority of the cryptocurrencies lost more than or near 50% of their total market value in more than a couple of weeks.

According to data shared by several centralized crypto assets exchange platforms, almost half of traders on the platform have turned bearish. Notably, the count of short positions on perpetual futures trade has increased exponentially.