Whale Splash: Bitcoin Billionaire Preys On Weak Hands, Increases Holding By Over 70 Percent
The rumour mill has gone into overdrive following the finding that a mystery cryptocurrency trader purchased roughly $344 million (USD) worth of Bitcoin from February 9 through February 12. Be they an individual or a corporate entity, it appears that such a confident splurge has helped fuel the fast-recovering crypto asset market.
The now-third richest Bitcoin address has been active since early September and is now home to 96,651 BTC. Looking back through past activity, it can be seen that the anonymous trader made their first significant outlay in two months ago; purchasing 48,627 BTC from December 13 through December 17 at an average unit price of ~$17,000. The last of these purchases came right around the time when Bitcoin flirted with the elusive $20,000 barrier.
The trader proceeded to trim their holdings back to 44,000 between then and December 22, when by such time the price of Bitcoin had plummetted all the way below $13,000.
Untroubled by the severe risk exposure seen by their hundreds of millions of dollars, the account owner completed another seven buy orders between January 13 and January 16 (BTC = ~$14,000), adding over eleven thousand more units to their balance.
The weeks that followed must have been incredibly tense for the mystery trader. Indeed the well-publicised market crash sent the price of Bitcoin diving to as low as $6,048. This equated to more than a halving of their average buy-in price.
Indicating the incredible wealth of this trader, it is known that they still had hundreds of millions of liquid funds on the sidelines; arousing suspicion that the address holder is an institutional investor. This was put to use when it became evident that the market bloodbath had (at least temporarily) subsided. And so as untold numbers of weak-handed traders hastily closed their positions, the confident Bitcoin whale took to increasing their holdings by over 70 percent between February 9 and 12.
Specifically, they added 31,003 BTC on the 9th when Bitcoin prices oscillated between $7,950 and $8,350. Again on the 12th, they then added 9,291 units (BTC = ~$8,700).
With a reassuring bout of positive sentiment coming out of influential regulatory bodies such as the United States and South Korea recently, the price of Bitcoin has risen some 30 percent since the whale’s most recent spending spree.
At the time of writing Bitcoin is priced at $10,818, meaning that the balance of 96,651 BTC attributed to the world’s third most wealthy Bitcoin address is currently worth over one billion dollars.
Image Via Shutterstock