The most recent drop in the price of Bitcoin, which has brought it down to roughly $40,000, has allowed the third-largest bitcoin whale to accumulate more shares of the commodity at a discount.
The entity took advantage of a “buy the dip” opportunity and purchased Bitcoin worth more than $13 million.
The Dip Is Purchased by a BTC Whale (Again)
They sold a significant percentage of their holdings back in April, when the principal cryptocurrency had surged to all-time high values of more than $60,000.
As a result of the ensuing downturn, when the asset’s value fell below $40,000 and even $30,000, the whale’s appetite was reignited and he made a series of purchases in quick succession. It’s worth noting that almost all of them occurred at a time when bitcoin had plummeted several thousand dollars from its previous highs.
These transactions are often carried out on Coinbase, the largest cryptocurrency exchange in the United States. The most recent transaction occurred just a few hours ago, when the business purchased and transferred 321 bitcoins at an average price of $40,500, which was approximately $1,000 over the intraday low price.
As evidenced by this address, the whale has made a number of continuous transactions to the wallet’s account. The entire amount of bitcoin now in circulation is 111,795 BTC, which is approximately $4,750 billion in value.
It is estimated that this whale is sitting on an unrealized profit of $2.4 billion, according to CryptoQuant’s analyst going by the Twitter handle VentureFounder.
Who Else Has Purchased the Dip?
In the cryptocurrency realm, including among die-hard HODLers, the “buy the dip” strategy has become increasingly popular as a result of the increased volatility in the market. As a result, many believers take advantage of price drops to stockpile additional parts.
Now, however, it appears that this movement has spread far beyond the community and has reached other countries as well. According to recent reports, El Salvador also purchased 150 additional bitcoins after the price of bitcoin fell to $45,000.
As a result, the country, which became the first in the world to legalize bitcoin earlier this month, has a total of 700 coins, which are worth almost $30 million at today’s values. Furthermore, the country’s leader, Nayib Bukele, provided presidential counsel, stating that “they will never be able to beat you if you purchase dips.”
