Price Drop Makes Third-Largest Bitcoin Whale Add Over 700 Coins

Bitcoin's latest price slump has enabled the third-largest whale wallet of the cryptocurrency to add 729 coins worth around $31 million (roughly Rs. 228 crores) at current value. With its latest “buy the dip” moment, the mysterious whale wallet has now become the owner of more than BTC 112,000, which is worth about $4,857 billion (roughly Rs. 35,805 crores), according to the data by BitInfoCharts. The data showed the wallet bought the Bitcoin in two chunks — 408 and 321 coins. This is not the first time whales have taken advantage of a price dip. They often accumulate a huge number of crypto coins whenever there's an opportunity.

While the wallet bought BTC 408 early this morning (September 23), it got the other 321 coins last evening. While the latest transaction was made when Bitcoin was trading around $43,294 (roughly Rs. 31.9 lakhs), the previous purchase was made when Bitcoin's price was $41,673 (roughly Rs. 30.7 lakhs).

The BitInfoCharts data showed that the whale address — 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ — made several transactions in the recent past.

These purchases have been made at a time when Bitcoin's value has dropped significantly from its high early this month. Bitcoin breached the $50,000 (roughly Rs. 36.8 lakhs) mark towards the end of last month and remained above it for more than a fortnight, hitting a peak of $52,000 (roughly Rs. 38.3 lakhs) on September 7. But soon started sliding and has now lost almost $10,000 (roughly Rs. 7.3 lakhs) in two weeks.

According to CoinMarketCap, Bitcoin was trading at $43,889 (roughly Rs. 32.3 lakhs) at the time of writing.

Following the April-May market crash, several whale accounts similarly tried to accumulate crypto coins. At that time, Bitcoin had dropped drastically to below $30,000 (roughly Rs. 22.1 lakhs), which made investing in it a lucrative move.

Recently, El Salvador President Nayib Bukele, whose Central American country made Bitcoin a legal tender this month, had bought the dip. He announced on Twitter that his government had bought 150 more Bitcoins, taking their total holding to 700 coins. He even suggested that Bitcoins brought during a price crash were the best bet against inflation.

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