The latest price dump from bitcoin to around $40,000 has enabled the third-largest BTC whale to accumulate more portions of the asset at a discount. In a “buy the dip” moment, the entity has purchased more than $13 million worth of the cryptocurrency.
BTC Whale Buys The Dip (Again)
CryptoPotato has frequently reported the behavior of this mysterious whale or at least one of their addresses. Back in April, they sold a substantial chunk of their portions when the primary cryptocurrency had skyrocketed to its all-time high levels of above $60,000.
During the subsequent correction, when the asset retraced below $40,000 and even $30,000, the whale resumed its appetite by making several consecutive purchases. Interestingly, almost all of them came when bitcoin had dropped several thousand dollars from the local peaks.
These transactions typically transpire on the largest US crypto exchange Coinbase. The latest purchase came hours ago when the entity bought and transferred 321 bitcoins at an average price of $40,500, which was around $1,000 away from the intraday bottom.
As this address shows, the whale has made numerous consecutive transfers to the wallet. The total stash now is 111,795 BTC – or about $4,750 billion worth of the digital asset.
According to CryptoQuant’s analyst going by the Twitter handle VentureFounder, this whale sits on an unrealized profit of $2.4 billion.
Who Else Bought the Dip?
The “buy the dip” strategy is particularly popular in the cryptocurrency space and die-hard HODLers due to the enhanced volatility in the market. Consequently, many believers use the price dips to accumulate more portions.
Now, though, it seems this trend has expanded well outside of the community and into entire countries. As reported recently, El Salvador also bought 150 new bitcoins after BTC retraced to $45,000.
Thus, the nation, which was the first one to legalize bitcoin earlier this month, has a total stash of 700 coins worth roughly $30 million with today’s prices. Moreover, the country’s leader, Nayib Bukele, gave presidential advice that “they can never beat you if you buy the dips.”