The bitcoin (BTC) news has been quite negative lately, and that clearly reflects the BTC price. However, in times like these it is interesting to see what the big money is doing, i.e. the bitcoin whales. The largest non-crypto exchange BTC wallet has stocked up on quite a bit of crypto in recent days!
Whale starts buying bitcoin
The whale in question has passed by on Crypto Insiders before and we are keeping a close eye on him or her. At the time of writing, there are about 128,800 bitcoins on the whale’s balance sheet. This makes the wallet worth about $2.8 billion.
Every now and then the whale’s behavior changes and we see that a large amount of BTC suddenly flows out of the wallet. The assumption here is that these are then sold on an exchange. The last time the whale did this was on June 9. Then 500 bitcoins worth $15 million flowed out.
But on June 14, 15 and 16, the whale struck a few hundred bitcoins each day. Over those three days, there were 1,127 bitcoins worth $24.9 million. In short, the whale seems to have gone into accumulation mode again.
Is the whale buying the bitcoin dip?
We don’t know why the whale decides to buy bitcoin. But with the current price having made a significant dip after the many negative news recently, it seems that the whale is trying to buy the bitcoin dip.
This is one of many long-term investor strategies. As soon as the price dips, they buy in a little bit. It can be seen as a variation of dollar cost averaging (DCAs). However, with DCA, bitcoin is purchased periodically, regardless of how high or low the price is.
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