According to data from sources, one of the largest Bitcoin whales resurfaced yesterday with the purchase of over 596 Bitcoin.
They were bought for a total of $62,934 per Bitcoin.
A ‘Bitcoin whale’ is a term used to describe wealthy investors who buy Bitcoin in large quantities. These whales have enough cryptocurrency to be able to manipulate cryptocurrency valuations.
It should be noted that the whale made the purchase after showing no signs of trading in recent weeks. Initially, it was reported that the whale had made a number of purchases in the past, including selling 500 Bitcoin in August and trading 321 Bitcoin in September.
Whale whale whale, look who decided to come back:
— venturefoundΞr (@venturefounder) October 26, 2021
The market’s third largest Bitcoin whale returns.
This anonymous whale is said to have bought and sold a large amount of cryptocurrency when the price of Bitcoin surpassed the $60,000 mark. The whale had also started reaccumulating the asset after it had lost half its value.
The whale recently sold some Bitcoin worth $56,000 this month before repurchasing them at a higher price. Whales have been observed studying crypto surge patterns and transacting deals accordingly in order to maximize revenue from crypto trading.
The current Bitcoin rally, which saw asset prices rise from $40,000 at the end of September to a staggering $67,000, can also be attributed to these whales, who acted as one of the leading market drivers, among others, in assisting the asset to break all previous set price records.