A mysterious Bitcoin holder has quietly become the biggest non-exchange BTC whale in the world after accumulating 144,664 coins worth over $2.4 billion at time of writing.
According to data from BitInfoCharts, an unknown entity has suddenly surpassed all other whales on the Bitcoin Rich List, and now sits only under the cold storage wallets of crypto exchanges Binance and Bitfinex.
As per BitInfoCharts, the whale currently has over $800 million in unrealized losses as it continues to accumulate BTC with apparent conviction.
As the wallet has yet to be identified as any known entity, it is unclear whether they are an exchange, institution or individual.
Pseudonymous on-chain analyst Venturefounder says that the whale’s activity is not indicative of a crypto exchange.
“Note, while it’s possible this is a cold wallet for exchange like Robinhood, transaction volume & pattern doesn’t seem to support this, very inconsistent from other cold wallets. For one, many strategic buy the dip & sell the rally behaviors and clear long term accumulation trend.”
On November 14th alone, the entity bought 1,200 BTC in two separate transactions, with entry prices of $16,944 and $16,672. The whale appeared to ramp up its accumulation as BTC began dropping from the market crash triggered by the collapse of crypto exchange FTX last week.
At time of writing, Bitcoin is trading for $16,495, down 20% in the last week and 76% down from its all-time high.
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Featured Image: Shutterstock/X-Poser/Sol Invictus
Source: https://dailyhodl.com/2022/11/14/unknown-entity-becomes-largest-bitcoin-whale-in-existence-after-accumlating-2400312823-in-btc-on-chain-data/