Benzinga - A mysterious whale has accumulated more than $3 billion worth of Bitcoin (CRYPTO: BTC), positioning themselves as the third-largest BTC address globally.
What Happened: According to data obtained from BitInfoCharts, this mysterious wallet initiated their accumulation strategy in mid-May and has since grown to become the largest Bitcoin whale.
Remarkably, this wallet has not sold a single Bitcoin since its inception.
The wallet’s strategy primarily involved procuring BTC in varying amounts. Its first recorded transaction in May reflected an acquisition of 0.25 BTC, followed by subsequent transactions, with the most recent one involving a whopping 6,600 BTC. Currently, the whale’s address boasts a staggering 118,300 BTC, equivalent to a value of $3 billion, at the time of writing.
It is important to highlight that the Bitcoin whale is presently experiencing a loss of more than $92.90 million.
The pseudonymous creator of Bitcoin, Satoshi Nakamoto, possesses a staggering 1 million BTC, which amounts to approximately $27 billion in present value. This holding places Nakamoto as the top Bitcoin whale. Interestingly, Nakamoto has not made any transactions or moved any portion of this substantial Bitcoin stash since mining the coins.
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Why It Matters: The price of Bitcoin dropped below $26,500 last week amid decreased activity in the market and the growing crisis in China’s property sector. Traders had initially bet on BTC as they expected interest rates to remain elevated for a longer duration.
However, concerns over weakening foreign currencies, and soaring bond yields have amplified the situation.
Price Action: At the time of writing, BTC was trading at $26,045, down 0.19% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Pixabay
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