Third Biggest Bitcoin Holder Bought $13M Worth of Bitcoin at $40.5K

The third largest BTC whale has been able to acquire more of the asset at a discounted price due to the latest bitcoin price drop to $40,000 The entity purchased $13 million worth of cryptocurrency in a “buy-the-dip” moment.

Whale Buys The Bitcoin Dip (Again)

This is the behavior of the mysterious whale, or at least one address. They sold large portions of their portion in April when the price of primary cryptocurrency soared to above $60,000.

The asset dropped below $40,000, and then even below $30,000 during the correction. However, the whale regained its appetite and made several purchases. Surprisingly, most of them were made after bitcoin dropped several thousand dollars from local peak levels.

These transactions usually take place on Coinbase, the largest US cryptocurrency exchange. This transaction was made hours ago, when 321 bitcoins were purchased and transferred by the entity at an average of $40,500. That’s just $1,000 off the intraday low.

This address shows that the whale made several consecutive transfers to his wallet. The current total amount of bitcoin in the wallet is 111 795 BTC, or approximately $4,750 billion.

According to CryptoQuant’s analyst, going by the Twitter handle VentureFounder this whale has an unrealized profit $2.4 billion.

The Dip Was Bought By Many

Due to increased volatility in cryptocurrency markets, the “buy the dip” strategy is very popular. Many believers believe that price dips are a great way to accumulate more.

This trend seems to have spread beyond the community, and even into whole countries. El Salvador recently bought 150 bitcoins, as reported by the BTC Retracement Team.

The nation, which became the first to legalize bitcoin earlier in the month, now has 700 coins total worth approximately $30 million at today’s prices. Nayib Bukel, the leader of the country, advised the president that they “cannot beat you if your buy the dips.”