Bitcoin Whale Adds Record $380 Million Amid Price Drop
A large Bitcoin whale has been actively accumulating the cryptocurrency over the last two weeks. The third-largest whale address added 6,665 $BTC to its stash since November 12th, when the price of Bitcoin started dropping.
The whale made eight consecutive purchases on November 12th alone, buying coins at an average price of around $64,000 per coin.
Its most recent purchase was for 616 $BTC at a price of $57,400, adding another $35.3 million to its total holdings. This brings the whale's current balance to 113,863.56 $BTC, its highest since July 2021 when it accumulated Bitcoin during the low $30k period.
CryptoQuant analyst VentureFounder notes that whales and large players usually hedge their Bitcoins by transferring them to derivatives exchanges and taking a short position when they buy a huge amount of $BTC on price bottoms.