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2021-12-08 14:46:37
One of the largest Bitcoin whales in the world has continued to make massive BTC purchases as the market begins to recover.
Over the past few days, the market has been under tremendous selling pressure as Bitcoin “bottomed out”, dropping to $42,000. However, the third largest Bitcoin whale remained relatively silent during this crash and did not make any purchases.
It wasn’t until December 6 when the market-leading cryptocurrency spiked above $50,000 that the mysterious whale immediately took action, accumulating over 2,700 BTC, or nearly $137 million, at an average price of 50,621 USD, in just one day. In fact, the wallet has purchased over 5,600 BTC in the past two weeks.
CryptoQuant analyst VentureFounder pointed out that whale wallets have stocked 5,624 Bitcoins since November 22, worth $290 million at today’s prices. Moreover, VentureFounder further shared that this is officially the highest amount of Bitcoin ever held in this wallet, holding 118,017 BTC, the total value converted to fiat is $5.971 billion.
You already bought 8,117 #BTC in the low $50k since the November correction, BTC dumped
The 3rd largest #Bitcoin whale wallet: BUY 2,702 more BTC in one day.
This #whale wallet added 2,702 $BTC today at $50.6k for a whopping total of $136.7M USD. pic.twitter.com/BlbcgpKbrR
— venturefoundΞr (@venturefounder) December 7, 2021
It seems that in the face of many whales pushing Bitcoin to exchanges in large numbers, putting BTC in a dangerous situation, there is a great opportunity for other “big hands”. The tug-of-war is intense as last week, despite the overall market decline, saw the majority of Bitcoin whales “pump” over $3 billion to buy more BTC.
However, despite many unexpected crashes in Bitcoin price behavior, the creator of the famous Stock-to-Flow model, PlanB, remains confident that the BTC price is heading towards the target of $100,000 by year-end.
Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K. pic.twitter.com/QO3bRUoGo3
— PlanB (@100trillionUSD) November 25, 2021
“The S2F model is unaffected and is indeed on track towards $100,000.”
Synthetic CHK
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