The world’s largest known Bitcoin whale purchased another $137 million worth of BTC. This purchase comes on the heels of a recent price surge that has seen BTC’s value rise to more than 4000% since December 2017. Abra CEO Bill Barhydt believes this latest move indicates that there could be more big-name players joining soon and additional whales waiting to join the ranks.
Michael Novogratz, a billionaire investor and crypto enthusiast, has bought $137M more Bitcoin. This is the largest purchase a bitcoin billionaire has ever made. Learn more here. billionaire buys bitcoin.
Bitcoin traders are still processing the effect of the last massive price drop, in which BTC dropped $41,900 at once before rebounding to $50,000 overnight, prompting one of the world’s biggest wallets to acquire another $137 million in the cryptocurrency.
Bitcoin now has a value of $50,781.09 which is 4.06 percent higher than its previous high. BTC now has a market price of $959.454,707.138 and a trading volume at $34,797.122.051 over the last 24 hours. Another Bitcoin price decline is possible due to large-volume trade activity.
According to popular Twitter account Venturefounder, the BTC whale upped the ante overnight with a single purchase of 2,700 BTC, bringing their total to 118,017 BTC, after buying frequently since BTC/USD hit all-time highs of $69,000 last month, bringing the holder’s balance to “whopping” record levels.
What do you do if you’ve previously acquired 8,117 #BTC in the low $50k range since the November correction, and BTC suddenly drops $50k?
Buy 2,702 more Bitcoins in One Day Using the #3 largest #Bitcoin whale wallet.
Today, the #whale wallet received $50.6k. It added 2,702 $BTC to bring the total to $136.7M. pic.twitter.com/BlbcgpKbrR
December 7, 2021 — venturefoundr (@venturefounder)
“This is the most Bitcoins ever held in this wallet: 118,017 BTC; in all, the whale has spent $2.5 billion USD on BTC purchases, with an average cost base of $21,160 per BTC.”
Since Friday’s meltdown, whales have started depositing BTC to exchanges, defying the trend. While there is no confirmation that the wallet is a private investor, Venturefounder says that it behaves differently than a corporate entity such as an exchange cold wallet or fund, listing various strategic buy the drop & sell the rise behaviors as well as an obvious long-term accumulation trend.
As BTC consolidates, a large increase in important altcoins has fanned speculation that a “alt season” may develop. Because Bitcoin has “probably bottomed out,” now is the greatest time to acquire altcoins. ETH also gained 11.4 percent Tuesday, beating BTC/USD by 11.4 percent, a move mirroring many other large-cap assets.
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