There’s a reason they’re called whales: these are entities who hold thousands of bitcoins and still lookout for opportunities to increase their holdings. When the price of BTC dipped below $40,000 days ago, some whales and many others who have the funds and are bullish on Bitcoin used the opportunity to open new positions.
One of such whales is the third-largest holder of BTC whose identity is not known. In their latest purchase, the whale added bitcoins valued at $29 million to their holding. This increased their total Bitcoin holding to $5.3 billion.
The whale whose wallet was largely dormant had transactions in January when it added to its stash. It suddenly became active again three days ago and has added 750 BTC to the wallet, an indication that they are still very confident that the price of the asset will rise in the future.
Two Large Volume Coin Movements
Data available from BitInfoChart shows that the latest acquisitions by the whale have given them a total of 127,000 bitcoins, still keeping the anonymous owner in third place among the highest holders of bitcoins.
On March 7, when Bitcoin was trading at $38,203, the whale bought 318 bitcoins for $12 million. The whale also made another addition of 432 BTC on the same day. The second transaction was when the coin was trading at $38,500. This brought the total purchase to $29 million.
Speculations On Ownership
Since no one really knows who the owner of the wallet is, there have been speculations that it could be a cold wallet belonging to a major exchange. No one is really sure. What is obvious is that the controlling entity is bullish on BTC and has long-term plans of accumulating more of the digital asset.
The pattern of behavior seen in the owner of the wallet is not consistent with how exchanges manage their cold wallets. The owner is always eager to buy the dip. Exchanges rarely do this, pointing to the suspicion that this is not an exchange-owned wallet.
MicroStrategy, the company that was founded by Michael Saylor was the third-largest Bitcoin holder before it was overtaken by the anonymous wallet owner who seems to be keen at increasing their horde during dips. MicroStrategy now sits at the fourth position after being overtaken by the anonymous owner in January. MicroStrategy presently holds 124,391 BTC, which was surpassed by the anonymous holder who scaled up to 124,485 BTC with their January purchase.