Bitcoin (BTC) returning to $50,000 overnight inspired one of the largest wallets to buy the equivalent of $137 million more.
Blockchain data from on-chain monitoring resource BitInfoCharts highlights how one entity “bought the dip” like no other.
Someone “buys the dip” to the tune of $137 million
After buying frequently since BTC/USD hit $69,000 all-time highs last month, the wallet holder upped the ante overnight with a single purchase of 2,700 BTC — taking their total to 118,017 BTC.
The buy dwarfs previous recent transactions, and as popular Twitter account Venturefounder noted, takes the holder’s balance to “whopping” record levels.
“This is officially the highest number of Bitcoin EVER held in this wallet: 118,017 BTC, in total the whale has put $2.5B USD to buy BTC with an average cost basis of $21,160 per BTC,” the account tweeted.
“The second highest BTC count was during July 2021 (low $30k BTC).”
The actions buck the overall trend, which has seen whales deposit BTC to exchanges since Friday’s crash.
While there is no indisputable evidence that the wallet is a private investor, Venturefounder added that its activity is unlike a corporate entity such as an exchange cold wallet or fund, citing “Many strategic buy the dip & sell the rally behaviors and clear long term accumulation trend.”
Altcoin profits eat Bitcoin’s lunch in rebound
As Cointelegraph reported, opinions remain mixed about whether the bottom is in for Bitcoin or that another price dip is due first.
Related: BTC sentiment ‘comparable to a funeral’ — 5 things to watch in Bitcoin this week
A strong bounce among major altcoins has further added to convictions held by some that a form of “alt season” could enter while BTC consolidates.
Ether (ETH) rallied 11.4% Tuesday, outpacing BTC/USD in a move copied by several other large-cap tokens.
ETH/BTC hit its highest levels since February 2018 overnight, data from Cointelegraph Markets Pro and TradingView confirms.
“The best period to buy altcoins is probably current weeks,” Cointelegraph contributor Michaël van de Poppe argued, adding that Bitcoin had “probably bottomed out.”