‘Buying The Dip’: Third Largest Bitcoin Whale Adds To Position With A $29 Million BTC Purchase

• Bitcoin’s third-largest whale adds to its holdings after an additional BTC purchase.
• The identity of the whale remains unknown but rumors are swirling in the space.
• The whale now holds about $5.3 billion in BTC.

Bitcoin’s third-largest whale is active again. Over the last two days, the whale has purchased around 750 BTC.

Still Accumulating

Bitcoin’s third-largest whale continues to accumulate the primary digital asset. According to data from BitInfoCharts, over the last two days, the whale has purchased over 750 BTC worth about $29 million, bringing the total stash to about 127k BTC worth $5 billion.

The first purchase was carried out late in the day on the 7th of March, purchasing 318 BTC at a rate of $38,204, worth over $12 million. The whale has added another 432 BTC to its holdings at a rate of $38,500, worth almost $17 million, bringing the recent purchases to 750 BTC at $29 million.

Currently, the whale remains anonymous, with some tempted to speculate that the account belongs to the cold wallet of a crypto exchange. However, the whale’s activity does not fit in with that of a crypto exchange. The whale has consistently shown an interest in buying the dip and accumulating more BTC.

In January, the whale surpassed Michael Saylor’s MicroStrategy, the then third largest Bitcoin whale, with a purchase of 551 BTC. The purchase at the time put the whale’s holdings at 124,485 BTC, surpassing MicroStrategy’s 124,391 BTC.

At the time, 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.”

Bitcoin Mounting Vigor

Bitcoin pushed past the $40k level yesterday after dropping below the level four days ago. The move represents a 9.9% surge in the last 24 hours as the asset now trades around the $42,284 price point on major exchanges, according to CoinMarketCap.

Pundits have attributed the moment to Biden’s executive order on cryptocurrencies. Secretary of the Treasury Janet L. Yellen lauded the executive order, saying “President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.“

This put the third largest whale in the green over his recent purchases, which he made when the asset was trading under $38k. It is hoped that the executive order will bring long-awaited regulatory clarity to the industry and incentivize more institutional adoption. Anthony Scaramucci, Skybridge’s founder, recently disclosed that for Bitcoin to hit $100,000 this year, there has to be a lot of work in terms of regulation.