The richest non-exchange wallet keeps buying BTC despite despite the downturn in the crypto market. What is this Bitcoin whale up to?
The wallet, which ranks third by the number of Bitcoin it holds behind two exchange wallets, bought approximately 3,015 BTC over the past three weeks. The overall spending of this Bitcoin whale has reached $90 million on BTC in less than a month amid crypto market crash.
At the start of May, the richest non-exchange Bitcoin wallet held 124,052 BTC. Over the course of the past three weeks, this Bitcoin whale has acquired varying amounts of Bitcoin. Now he owns a total of 127,067 BTC.
Strange Bitcoin whale behavior?
Just yesterday, this mysterious Bitcoin whale bought $1,200 BTC. Bitcoin was trading for $30,040 at that time.
His or her previous purchases in May included two huge batches – 1,000 Bitcoin each – on the 3rd and 7th of May. And there was a number of other purchases of smaller amounts ranging from 16 BTC to 553 BTC.
There was one sale, though. At some point the whale suddenly sold 1,500 BTC at once.
But the wallet still has a net gain so far this month.
The value of the Bitcoin that the richest non-exchange whale has bought in May is approximately $90.6 million based on prices at time of writing.
What are other whales doing during the crypto crisis?
Last week, blockchain intelligence platform IntoTheBlock disclosed that Bitcoin whales added to their holdings amid the crypto sell-off.
BTC has remained resilient to the current market conditions as it has been able to maintain above $30,000, demonstrating that there’s still buying pressure. More specifically, addresses holding between 1,000 – 10,000 BTC increased their positions since May 8 from 5.185 million BTC to 5.202 million BTC.”
According to IntoTheBlock, 51% of Bitcoin holders are in profit while 46% are in a loss at current prices.
At the same time, NewsBTC claims that On-chain data shows the Bitcoin exchange whale ratio has started to sharply rise. This is a sign that these humongous holders may be beginning to dump.