The third largest whale has taken advantage of the recent dip in Bitcoin price to accumulate 750 Bitcoin worth $29 million. This whale now holds 127,000 Bitcoin, worth around $5 billion.
- The first purchase from this whale came on March 7th, 318 Bitcoin at $38,204 for $12 million.
- Whale is anonymous but many people on Bitcoin Twitter think that the wallet belongs to an exchange.
- Many refute this as this whale is ”Buying the Dips” in a consistent and aggressive fashion.
MicroStrategy Surpassed by the Whale
In January the whale scooped up 551 Bitcoin surpassing Michael Saylor’s MicroStrategy holdings.
Venture Founder on Twitter said, “This whale wallet had rivaled Saylor’s Bitcoin holdings for months. It started buying BTC after the drop from $69k to $63k, and bought every dip down to $36k … Thanks to smart dip-buying instead of a lump sum, the whale put in $2.76B & bought more BTC than Saylor did with $3.75B.”
What Does it all Mean?
Typically whales are viewed as ”smart money”. While the markets have been fearful since the initial purchase while Bitcoin was at $38K back in March, this whale has been practicing the art of ”Buying the Dip”. Bitcoin is a game of accumulation.
Markets trade on emotion, and people that don’t fully understand Bitcoin’s long-term trajectory are prone to sell or be shaken out in downturns, while smart money accumulates.
Bitcoin is the only absolutely scarce and verifiable asset or property on the planet with a fixed supply schedule. Seeing dips as opportunities to purchase more sats with your dollar and accumulating when there is fear in the market is key to increasing your Bitcoin stack.
If you want to be a whale, do as the whales do.
