As the overall crypto market descended into a terrifying crash of almost 28% over the week, many investors stepped out of their HODL shells.
They sold their holdings to prevent severe losses. Not so surprisingly, these sellings were picked up by multiple whales, which now command a significant portion of the Bitcoin supply.
Whales Enjoy a Dip
In the last couple of hours, reports of whale buying started surfacing, with one particular address being in focus. This address has been quite active throughout this month, buying at every price fall.
During the dip of January 4 – January 7, the same whale managed to purchase over 1,893 BTC worth over $69 million at the time of this report.
A similar strategy led the whale to accumulate over 124,485 BTC, worth well over $4.5 billion. Becoming the third-largest Bitcoin whale, it managed to surpass Michael Saylor’s Microstrategy’s holding of 124,391 BTC by 94 BTC.
However, this address wasn’t the only address as other inactive whales suddenly became alive and are actively taking advantage of this dip to hoard Bitcoins. As mentioned by CC15Capital, a whale has been buying almost 30x per day.
Within six months, the whale went from holding 257 BTC to 28,931 BTC as of today and is worth over $1 billion.
While the whale’s identity is unknown, there were some suggestions that it was an Upbit cold storage address, although that is yet to be confirmed.
Sorry to temper the latest hopium, but this is an Upbit cold storage address/internal wallet.
— ∴Ergo∴ (@ErgoBTC) January 24, 2022
Making the Most of the Crash
Bitcoin whales seem to have found the right time to make their move for good. In the last one-week cumulative whale movement volume of $220 billion (average) has accounted for almost 90% of the total volume.
The market is looking at a slight (4.67%) recovery in the last 48 hours. And even price indicators have displayed rising bullishness, but the broader market cues continue to counter it; thus, consolidation is in the charts in the future.
This might further motivate these whales to buy more.
This article was originally posted on FX Empire