Bitcoin Whale Buys BTC Worth Over $72 Million! Is a Bull Run Around The Horizon?

Published by

Qadir AK

November 13, 2021

The crypto market has been sailing through stormy weather lately. Several prominent digital assets in the market have been facing the current of winds. Crypto king Bitcoin is currently trading lower than its recent highs. While the dominance of Bitcoin hovers around 41.1%. A renowned Bitcoin Whale buys BTC totaling over $72 million. Enthusiasts to which, contemplate it to be a bullish indicator.

Whale Acquisition Hints At A Bullish Rally For Bitcoin!

According to substantial sources, The third-largest Bitcoin whale, with wallet address 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ has bought the dip. Buying a total of 1,123 BTC, which values over $72 Million. The purchase made is at $64,190.68 for each BTC. At the block count of 709444. The address had previously liquidated 1,500 BTC, on the 9th of this month, at $67,510.46 for each BTC.

The recent transaction has brought enthusiasm among traders, as it could be a bullish indicator for BTC price. The wallet address has been less active lately, as the market has seen consistent trades from the address earlier this year. The first trade from the address was on the 6th of February 2019. The address has made transactions over 532 times, and the current value of this address is about $6,928,672,215.

Is BTC Price On The Verge Of An Upswing?

The digital asset at press time is trading at $63,857.36, with gains being down by 0.7%. The market capitalization of the digital coin floats around $1,201,860,485,629. While the trade volumes is about $33,104,628,426. The coin falls short of its ATH of $69,044.77, which was achieved just three days ago.

Collectively, The whale has been diluting a significant share of its holdings recently. While adding some BTC to its portfolio. The current purchase is a major one from the whale and holds the potential to turn the market. As numerous traders will seize the opportunity of adding BTC to the bag, while it trades lower. Eventually, BTC’s price might pick up steam, claiming the $100,000 price tag.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.