A Bitcoin billionaire has been buying the dips since early 2019 and this dip is no different. There was an additional 926 BTC added to the wallet yesterday for $3.9 million USD at $37,738 per bitcoin.
The wallet above has a balance of 105k bitcoin with an estimated market value of $4 billion USD. The largest address, according to bitinfocharts, currently holds 269,427 BTC worth $10 billion USD, which also bought 34,000 BTC last week.
In crypto talk, when stuff like this happens, people say it shakes out all of the weak hands and the people … who maybe bought because they saw it on the news,
Ethan Lou, author of “Once a Bitcoin Miner” [source]
Whales Loving The Dip
Institutions and long term HODLers have been accumulating bitcoin during this dip after the large sell-off inspired by various influences.
Institutions seem to be the forerunners in buying however, no one really knows who these massive wallets belong to. Some companies have been quite open about their crypto acquisitions, including Micro Strategy which recently bought additional bitcoin for $10 million USD. They hold more bitcoin than any other institution according to Bitcoin Treasuries. They currently hold 92,000 bitcoin with Tesla in second place holding 43,000 bitcoin.
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