Though the Bitcoin (BTC) community is often fixated on price movements, there is another story playing out behind the scenes that is just as fascinating.
According to data from @Capital15C on Twitter, there is an account on the Bitcoin blockchain that pours around $1,000,000 in digital gold every day, regardless of price action. This whale, as they are known in crypto parlance, first appeared on the scene in late February and has been steadily accumulating Bitcoin ever since.
While the motives of this mystery investor are unknown, his/her continued accumulation suggests a belief in Bitcoin’s long-term potential.
With prices currently languishing below $43,000, it remains to be seen whether this whale will continue to buy up BTC or if he or she will soon cash out at current levels.
With that said, the screenshot below shows the anonymous crypto investor steadily buying $1 million every single day from Feb. 22, 2022, to the present time, regardless of the cryptoasset’s price action. At the start of this buying spree, the account held 8,652 Bitcoins while, on April 7, 2022, it showed an accumulation of more 9,779 Bitcoins.
Buy #Bitcoin like this guy 👇
$1 million $BTC bought every day, regardless of price pic.twitter.com/PXSk741ECZ
— C15Capital ⚡️🇺🇸 (@Capital15C) April 9, 2022
As U.today (h/t) notes, the account’s BTC purchase range was between $35,000 to $47,000 with recent daily allocations exceeding the $1 million mark.
The volume cap expressed in dollar terms, brings the asset valuation of the mentioned account to $426 million from $326 million in Feb. 22, 2022.
As Bitcoin prices continue to fluctuate, whales are becoming increasingly active in the market.
Whales are large investors who can move the market with their trades. Their activity is frequently interpreted as an interesting indicator for Bitcoin price performance.
Some believe that when whales are buying, it’s a sign that the market is about to go up. Others interpret their activity as more bearish, believing that whales are selling in order to cash in on the current prices.
Speaking of bearishness. Recently, several sleeping Satoshi-era wallets have started to move their coins. There was even this wallet around March 10 that woke up after 11 years to reduce its 489 Bitcoin balance to zero. On March 6, Whale Alert reported another dormant address containing 407 BTC – currently worth $17.3 million – being activated for the first time since 2013.
Hypothetically speaking, these could be perceived as red indicators for Bitcoin bulls. But then again, we’ve also had cases where old school whales have made mysterious moves right before or even during a Bitcoin bull run.
Whatever the interpretation, it’s clear that whales are playing an important role, whether it is liquidity-wise or directional in the current Bitcoin market. Their activity is something that all investors should keep an eye on.
Price Action
The largest cryptocurrency was last changing hands at $42,712, up less than one percent in the last 24 hours.
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