Bitcoin has been going through a price correction for the last couple of weeks, which has proved out to be a great chance for BTC whales to purchase the dip. One whale, in specific, has bought BTC 6,770, worth $384.29 million, in less than two weeks, demonstrating the power of buying the dip. In addition to being the third-largest Bitcoin whale, this individual has been purchasing Bitcoin in chunks for nine consecutive days, with their most recent purchase being on Thursday when they bought another BTC 105 (valued $5.96 million) to their cryptocurrency portfolio.
This specific whale seems to be fairly active, purchasing and selling the asset whenever there is a significant decline or increase in value. However, given the difficult period in which Bitcoin has been experiencing recently, the whale has been on an aggressive buying spree, as CryptoQuant’s analyst VentureFounder noted on Twitter. Starting on November 12, the whale has performed nine consecutive acquisitions as the price of bitcoin has fallen in recent months.
The foremost one, for BTC 1,123, cost little more than $64,000, while the latest one, for BTC 105, cost slightly less than $57,900 and was completed on Thursday. It was roughly $30,000 at the time, according to VentureFounder, that this whale’s wallet balance reached its greatest level in four months.
According to Santiment, a cryptocurrency analytics business, Bitcoin whales in general have been purchasing the dip. Following the recent price drop, the company writes on Twitter that active Bitcoin whale addresses holding between BTC 100 and BTC 10,000 had amassed around BTC 59,000 over the period under review.
Another day, another buy:
The 3rd largest #Bitcoin whale wallet added 105 more #BTC today at $57.9k for a total of $6M USD. This is the 9th straight business day of buying.
6,770 BTC added in <2 weeks. This has been the most aggressive accumulation since June/July sell-off. pic.twitter.com/qhmEhYOE27
— venturefoundΞr (@venturefounder) November 25, 2021
Bitcoin is presently selling at $53,479 per coin at the time of writing, making that number of BTC worth around $3.15 billion. Santiment also claims that despite the current adverse price movement, Bitcoin supply is continuing to flow off of exchanges, reducing the likelihood of a large-scale sell-off in the near future.
🐳 If you've been waiting for #Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total 59k $BTC has been added to addresses that hold between 100 to 10k $BTC. This is 0.29% of the total supply. https://t.co/xbZms4GtKm pic.twitter.com/eeRrnrISRM
— Santiment (@santimentfeed) November 25, 2021
Also according to Santiment’s weighted sentiment tracker, Bitcoin’s existing social sentiment is at its most negative level in seven weeks, which the analytics company claims is the most pessimistic level in seven weeks. The weighted sentiment tracker developed by Santiment analyses both positive and negative discourse about a cryptocurrency asset. According to the business, prices tend to peak when social sentiment reaches an all-time high and to bottom out when the measure reaches an all-time low.
