Join Our Telegram channel to stay up to date on breaking news coverage
The cryptocurrency market has been crashing, and while short-term traders are staying away, long-term traders are taking advantage of the dip to accumulate more. The third-largest Bitcoin whale address has bought the recent dip. The third-largest Bitcoin whale address has been making headlines because of the peculiar habit of buying during dips and selling during peaks. Following the recent purchase, this Bitcoin address now has more holdings than MicroStrategy.
Third-largest whale buys $18M worth of BTC
Following the recent buying spree, this whale address has been on, its wallet address now holds more Bitcoin than Michael Saylor’s MicroStrategy. MicroStrategy is a business analytics firm whose shares give investors exposure to Bitcoin.
The most recent purchase by this whale address was on January 25, when it accumulated an additional160 Bitcoin valued at around $6 million. Before this, on January 22, the same whale address bought another 328 BTC valued at around $12 million.
The third-largest Bitcoin whale address has purchased the entire portfolio at an average price of around $22,000. Given the ongoing market recession, the entire portfolio currently holds a profit of around $1.75 billion, which is a significant number. Given the persistence of the recent dip, this whale address could continue accumulating more.
MicroStrategy could buy the dip again
MicroStrategy has 124,391 Bitcoin. The company last added to its Bitcoin holdings on December 30, 2021, when it bought 1914 Bitcoin for around $94.2 million. Following this purchase, the company’s total BTC holdings increased significantly. However, the third-largest Bitcoin whale address has now flipped the holdings of the publicly-traded firm.
MicroStrategy’s shares have been taking a plunge following the ongoing recession across the cryptocurrency market. Due to the firm’s heavy investments in Bitcoin, its stock price has a high correlation to BTC’s price movement.
In its latest announcement, MicroStrategy noted that it had bought its Bitcoin holdings at an average price of around $30,159. This shows that it is still in the profit zone despite the dips in the market. However, this is higher than the average price bought by the third-largest Bitcoin whale.
However, Saylor, popular with buying during the dip, has hinted that the company will accumulate more. In a recent tweet, Saylor posted a picture of himself wearing a McDonald’s hat to joke about working at the fast-food store because of the ongoing market crash. In the post, Saylor noted that he was doing “whatever it takes” to buy more Bitcoin.
Your capital is at risk.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
