A Bitcoin whale has been on a buying spree, amassing over $282 million worth of BTC since late March.
Massive Purchase
Blockchain tracking firm Lookonchain discovered an address starting with “12QVsfA” that purchased 4,380 BTC ($282.38 million) at an average price of $64,471. The whale then added another 620 BTC ($39.8 million) at a lower price.
Kraken Deposit
On the same day, Lookonchain also noticed another whale depositing over $77.67 million in Bitcoin into crypto exchange Kraken. It’s unclear if the whale intends to sell the BTC or hold it.
Significant Accumulation
According to Arkham, a crypto “de-anonymizing” service, the entity has accumulated over $1.68 billion worth of Bitcoin in just a month and a half.
Market Conditions
At the time of writing, Bitcoin is trading at $63,315, down 14% from its all-time high of $73,737. Despite the correction, whales continue to accumulate BTC, indicating their belief in its long-term potential.
