Third-Largest Bitcoin Whale Adds Another 551 BTC as Prices Hit New Low

Bitcoin may have dipped more than 13 percent in value over the past week, but the third-largest holder of Bitcoin hasn’t shied away from buying the dip and added another BTC 551 to their kitty — surpassing MicroStrategy’s overall kitty of Bitcoin. The whale’s latest spree of 551 Bitcoins was bought at an average of $45,219 (roughly Rs. 35 lakh), taking the total Bitcoin holding to BTC 124,485, which is now more than what Michael Saylor’s public-traded company, MicroStrategy holds, at BTC 124,391.

As per a report by CryptoPotato, the whale has been accumulating the most popular cryptocurrency at every opportunity lately, making the most of the recent dips in price. The whale added 328 Bitcoins, worth almost $12 million (roughly Rs. 90 crore) on January 22, followed by another 160 Bitcoins on January 25 worth close to $6 million (roughly Rs. 45 crore).

According to MicroStrategy’s latest announcement in December when the company revealed that it had purchased BTC 1,914, their average price on the BTC they’ve purchased stood at approximately $30,159 (roughly Rs. 25 lakh). On the other hand, the third-largest whale has a cost basis of about $22,000 (roughly Rs. 15 lakh) per BTC and sits on a profit of about $1.75 billion (roughly Rs. 13,050 crore).

That said, that isn’t quite what other Bitcoin whales are up to. According to on-chain data provided by Glassnode analytical service, the number of large Bitcoin addresses on the network has reached a three-month low, reaching a value that is currently comparable to September 2021 levels.

The number of unique addresses that are holding 100 or more coins has dropped to October levels, which indicates that the majority of the market is no longer willing to counter-trade the asset and join the bear market.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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