After a few weeks of sitting on the sidelines, the third-largest Bitcoin whale has purchased another sizable amount of BTC.
One of the largest Bitcoin whales has resumed its buying spree, purchasing more than $37 million in the primary cryptocurrency. This follows a few weeks of unusual silence.
Earlier today, CryptoQuant’s analyst VentureFounder, who goes by the Twitter handle VentureFounder, detailed the most recent purchase. According to the address associated with this whale, they purchased 596 bitcoins at an average price of $62,934. This equates to a total expenditure of slightly more than $37.5 million.Surprisingly, this purchase comes after a period of inactivity in recent weeks. Previously, the whale made multiple purchases and sales in response to BTC price fluctuations.For example, when the cryptocurrency surpassed $60,000 in value, they sold a significant portion of their holdings. They began to reaccumulate after the asset lost half of its USD value in the months that followed.They most recently sold bitcoins for $56,000 earlier this month before repurchasing them a day later at a higher price.It’s worth noting that the current rally, which saw BTC rise from $40,000 at the end of September to a new all-time high of $67,000 last week, was largely driven by large purchases by such whales, at least according to on-chain data.