A Bitcoin whale (big holder) has bought millions of dollars worth of the largest cryptocurrency. The billionaire “bought the dip” after Bitcoin went on a bearish momentum that sent it down by 30% to below $50,000.
The pseudonymous billionaire is the 3rd largest holder of Bitcoin. According to data from BitInfoCharts — a blockchain monitoring service — the billionaire has bought over 3,000 Bitcoins worth $150 million.
The Bitcoin whale’s portfolio currently stands at around $5.9 billion after the new purchase. According to data, the anonymous holder’s crypto address had activity in February 2019, when Bitcoin was trading around $3,000 and the whale has gained a profit of around $3.4 billion since then.
During Wednesday’s session fell 3% on Thursday and is trading at $48,500 as of Friday. Last Saturday, Bitcoin crashed by around 27% to below $42,000 during the broader crypto and stock market crash. According to analysts, the sell-off followed a mix of concerns from the Omicron variant and fears about the Federal Reserve tightening monetary policy.
The crypto market structure has also contributed to the crypto market crash with many traders using derivatives and borrowing money.