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      A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

      Karthik Guttha by Karthik Guttha
      May 20, 2021
      in Crypto Market
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      The value of the cryptocurrency markets dropped by 600 Billion in the last two days, and at the time of writing this article, the global market cap stands at 1.74 Trillion. We have seen first-time investors exit the market during this drop-off, and visionaries capitalized on this buying opportunity. One such long-term investor was spotted on the top 5 richest bitcoin holders listed on BitinfoCharts. 

      If you look at the number 4 spot on the list, you can see that this individual owns 102,448 Bitcoins right now. You might think- what is so special about this one address? Companies like MicroStrategy have also been loading up their percentage of coins, but the transactions done on this address date back to early 2019 when Bitcoin was only $3500. On April 19’, he invested more than $60 Million to acquire nearly 12,000 coins. The same level of activity is seen throughout this period, and if you carefully look at the below table, you will understand the exact prices at which he bought. 

      In the entire year of 2019, he bought each and every bitcoin for less than $10,000, and the same can be said in the early months of 2020. A whale activity of this magnitude has never been seen before, and that is not even the most interesting thing about this particular address. If you look at the graph below, you will see how he used the market dips to his advantage. 

      In the month of Jan, he sold nearly 12,000 bitcoins at $35-40k and immediately acquired more quantity at a much lower market price. If we consider the crash that happened yesterday, the table below highlights that he bought 3521 Bitcoins. He averaged out his purchases in three days, from 15th May to 19th May. As the prices bounced back, he brought them in the range of $40-45k. 

      If you see the trade on the 9th of May, you can understand the price at which he sold a massive amount of his portfolio. When Bitcoin price fell from its ATH to $58,503, he made a trade for 3000 BTC. In 10 days, he acquired a surplus of 521 Bitcoins at a much lower price. This means that he added 500+ Bitcoins during the time of the market dip. 

      Even more surprising about this bitcoin wallet is that it sold more than 6000 units in the last month, and that is when the markets were soaring ATHs. If we dial back 30 days, we will see Bitcoin at $63k. This individual has made an excellent trade to accumulate the most appreciating asset in the world, and this quick buy and sell transaction will benefit immensely. The current value of his wallet can be seen in the picture below, and it also addresses the dates on which he made the first and last trade. 

      From this, we can clearly see why everyone in the crypto space advises buying the dip, and this individual took it to a whole new level. He knew the price would drop significantly for many reasons, including China’s ban on cryptocurrency ‘Services’ and Tesla publicly stating on Twitter that they will not accept Bitcoin. He used it as a buying opportunity. These newly acquired coins may not show immediate effect in the portfolio, but they will definitely make a big difference when BTC hits 100k. So, did you use yesterday’s freefall as an opportunity or exited the market? 

      Karthik Guttha

      Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.

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