Third Largest Bitcoin Whale After Short Break To Buy $ 24 Million BTC

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The mysterious BTC whale, which recently frequently sent a lot of coins to Coinbase, changed the strategy on the largest cryptocurrency. On-chain data shows they racked up over 500 bitcoins on Thursday and Friday.

Bitcoin Whale back for purchase

CryptoPotato has previously reported some of the behavior of this particular whale – whose Bitcoin address ends with WKDfHQ – regarding BTC holdings. For example, data showed they sold near an all-time high of around $ 60,000 in April.

A few months later, they used the drop below $ 40,000 to purchase more parts. This happened after many FUDs impacted the market, from Elon Musk and China, and bitcoin fell more than 50% in a matter of weeks at one point.

At the end of July, they resumed transferring substantial amounts of the BTC holdings to Coinbase. The same also happened a few times in August.

In fact, the address hadn’t seen an influx of bitcoin since July 21 (a day after the last crash in which the asset fell below $ 30,000).

Now, however, they have started to pile up again, as pointed out by one of the CryptoQuant analysts using Twitter’s pseudonym – VentureFounder.

He noted that this whale wallet bought 466 bitcoins at $ 47,400 on August 27. This came after another more modest 38 BTC buy on August 26. In total, the 504 coins have a total USD value of around $ 24 million at today’s prices. It should be noted that both transfers to their address were from a Coinbase wallet.

This whale was very successful in racking up #BTC when it was at $ 30,000 and selling them for $ 40,000, now it looks like it’s slowly starting to rack up at $ 40,000 again, and will likely continue to rack up if # Bitcoin drops to medium to low $ 40,000 #Smartwhale

venturefounder (@venturefounder) August 27, 2021

BTC price update

As VentureFounder reported, this particular whale address took advantage of short-term ups and downs to sell or buy parts of the cryptocurrency. As such, it would be interesting to follow the performance of BTC’s price in the following weeks, as this whale started buying again after a hiatus of over a month.

As reported earlier today, bitcoin is just above $ 47,000. This came after a retracement of nearly $ 4,000 within days of Monday’s peak at over $ 50,000. As of the ATH in April, however, bitcoin is still down around 27%.

Nonetheless, the cryptocurrency has been well in green on a scale since the start of the year. It entered 2021 at around $ 29,000, which means it has jumped 62% since Jan. 1.

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