Bitcoin’s Biggest Whale Continues to Buy Despite the Drop

Holder of the third largest address in Bitcoin numbers, an anonymous whale continues to buy BTC despite the decline. Currently, his wallet contains more than 127,000 BTC, which is equivalent to 19 billion BRL, with a difference of 41,000 BTC for the second largest.

During Bitcoin’s record high in November, one such whale owned about 107,000 BTC ($7.3 billion at the time). Despite the drop evaporating half of its dollar gains, the investor bought another 20,000 BTC during the period.

In this month of May alone, the whale has already bought 2,915 BTC (R$440 million) and because of its history, it seems unstoppable. After all, it’s been over three years since your balance didn’t stop growing.

Who is the mysterious whale that owns 127,000 BTC?

Obviously, exchanges tend to publish their cold wallet addresses to prove they have money. Therefore, the two wallets with the most bitcoins are from Binance and BitFinex respectively.

The third (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) is still a mystery to the community. All we know is information from Bitcoin’s proprietary blockchain, which shows that the whale started buying BTC in February 2019.

Since then, such a mysterious investor has accumulated more bitcoins month after month, despite the recent decline. In this month of May alone, the whale has already collected 2,915 BTC (R$440 million) amid the market crash. Compared to the beginning of the year, there were 6,678 BTC, which is equivalent to 1 billion reais.

Balance of the third largest Bitcoin wallet on the market. Source: BitInfoCharts

Despite the dollar figure plummeting from $7.3 billion to $3.8 billion, the investor appears to be fully committed to Bitcoin. Interestingly, his balance of 127,067 BTC from this wallet is very similar to the amounts that MicroStrategy holds.

Bitcoin dominance also increases with market crash

While Bitcoin’s decline has been significant in recent weeks, other cryptocurrencies have seen even greater declines. In the image below, you can see Bitcoin dominance increasing by about 3% over the past 10 days.

Bitcoin dominance vs other cryptocurrencies. Source: CoinMarketCap

Part of this is due to the near-complete loss of the Earth’s value (LUNA). After all, this cryptocurrency was one of the 10 largest in the market, with R$94 billion in market capitalization, today with only R$4.5 billion.

Source: Live Coins