While the recent plunge has put the crypto community into a state of panic, one HODLer is taking advantage. The third-largest Bitcoin whale just bought the dip, putting his stack over 121,000 BTC.
On January 4th, the whale’s address added another 372 Bitcoin. The sum was purchased for $17,122,242.1 at the time.
This was a follow-up to an even larger purchase from a day earlier, when he bought 456 Bitcoin for an average of $46,363 each.
Bitcoin’s price plunged below $43k on January 5th, alongside stocks. This pushed market sentiment to lows it hasn’t seen since July.
The whale reacted with yet another Bitcoin purchase at the time, absorbing another 172 coins for $7,793,488.82. That’s an average of $43 539 per coin.
With over 121,396.57 Bitcoin, the whale’s holdings rival the infamous Microstrategy’s. According to a tweet from Michael Saylor on December 30th, his company currently owns 124,391 Bitcoin.
According to on-chain analyst Will Clemente, the Bitcoin market is far more driven by such whale activity than it was this time last year.