The third-largest Bitcoin (BTC) whale in the crypto world continues to feast as it makes more massive purchases of BTC.
Data-tracking website BitInfoCharts says that this same whale is the biggest non-exchange entity in existence and has acquired a staggering 1,800 BTC in the past seven days.
With Bitcoin currently trading for $39,854, the whale’s wallet now has an additional $71,737,200 worth of BTC. The total contents of the wallet are 125,552 Bitcoin, valued at approximately $4,999,829,118.
The unnamed wallet has been on a colossal feeding frenzy this month, including scooping up 2,822 BTC last week for over $117 million.
As BitInfoCharts documents, the wallet shows a general trend of buying Bitcoin in the hundreds and then every so often sending 1,500 BTC to wallets affiliated with the US crypto exchange Coinbase.
The whale has been very active throughout 2022 after a comparatively quiet fourth quarter of last year.
Popular crypto analyst Benjamin Cowen observed that the whale appears to trade BTC when it’s within a certain price range, buying dips and selling local highs.
“You can see they’ve been periodically adding to their stack here in the low $40,000s and upper $30,000s levels. Now the reason this is interesting is because it wasn’t that long ago when they were taking some off the table…
We need to understand that some people like to swing trade the market. Some people trade the ranges, and when it gets to the top of the range they sell and when it goes to the bottom of the range they buy.
If we go all away back – to just give a little more history – you go back to November and you can see in fact they took 1,500 Bitcoin off the table at $67,000.”
Bitcoin has been grinding slowly downward since a rally early in April took it above $47,000.
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Featured Image: Shutterstock/Oleksandra Klestova/Konstantin Faraktinov
Source: https://dailyhodl.com/2022/04/29/mysterious-bitcoin-whale-acquires-more-than-70000000-in-btc-in-just-one-week/