3rd Largest Bitcoin Whale Adds Another 257 BTC To Its Stash Amid Turbulent Prices

Why Whales' Movements Have Yet to Fully Reflect on Bitcoin's Price Action

“Don’t sell your Bitcoin on the cheap to Saylor” was the advice given by Binance’s CZ to his Twitter followers last week, moments after MicroStrategy capitalizing on what it believes to be dips floor, scooped some more Bitcoins.

And true to CZ’s advice, whales have been splurging a hefty amount of money, purchasing the rare asset every time price recoils, even as the fear and greed index continue to signal that most retail money is still in fear.

Top Three BTC Addresses Dormant, Except One

The third-ranking whale entity has however been catching the attention of market participants as the level of activity associated with its wallet keeps surging. On Wednesday the entity added another 257 BTC at $48.1k for a total of $12.3M, a week after purchasing a further 2,702BTC.

According to data from BitInfocharts, the whale added 11,947 in the last 31 days at an estimated value of $573m and is currently holding a total of 119,749.57 BTC bringing its holdings dangerously close to MicroStrategy’s public BTC holdings.

A deeper dive into the whale’s operations shows that its recent purchases are being funded by previous sales. While most of December and November have remained some of the largest accumulation months, the whale sold a whooping 1500BTC on November 9, right when price printed an all-time high, sparking an extended sell-off that has seen BTC recoil to its current position. The whale also offloaded some of the profits made during the first week of October after having made heavy purchases in September. This has been its trend, rinsing and repeating.


The top two whales have however kept a low profile, with minimal activity being tracked on their wallets. Since July, the largest whale’s wallet has not purchased any BTC but has instead offloaded some 33,947 BTC. While the second wallet has also maintained a low profile in the past five months, on-chain data shows that its holdings have reduced from 178.01k to 168k BTC after selling 10,000 BTC last week.

Whale Dominance Dropping, Population Surging

Although the number of BTC held by whales at the top has been decreasing since 2016, a new crop of bitcoin whales has been sprouting thanks to redistribution and a growing number of entities passing the threshold of being considered a whale which currently stands at 1000BTC. Over the past 5 five years, the whale population has been on the rise with the number of BTC held by top whales reducing by about 22% from 6.7m to 5.2m BTC.

Firms such as grayscale have in the recent past been offloading their holding to the market, selling an average of 30-50BTC and 200-250ETH per week for almost 10 months now. Such activities have created healthy market conditions with prices being suppressed, providing more opportunities to buy these cryptocurrencies.