Bitcoin (BTC), which is back at $ 50,000 per night, has inspired one of the largest wallets to buy another $ 137 million.

Blockchain data from BitInfoCharts, which tracks the chain of transactions, shows how an institution, like any other, “bought wrong”.

Some “buy deep” for 137 million dollars.
After repeated purchases since BTC / USD reached an all-time high of $ 69,000 last month, the wallet owner raised his bid overnight with a one-time purchase of 2700 BTC, bringing the total to 118,017 BTC.

This purchase performed significantly better than previous transactions, and as noted by the popular Venturefounder Twitter account, it pushes the owner’s balance to a “huge” high.

“This is officially the largest amount of bitcoins ever kept in this wallet: 118,017 BTC, the whale spent a total of $ 2.5 billion buying BTC at an average base cost of $ 21,160 per bitcoin,” she tweeted …

“The second largest amount of BTC was in July 2021 (minimum 30,000 BTC).”
These actions contradict the general trend where whales have transferred BTC to stock exchanges since Friday’s crash.

While there is no conclusive evidence that the portfolio is a private investor, the Venturefounder founder added that the activities do not resemble a corporate structure such as a cold wallet or a swap fund, noting the fact that “many strategic companies buy back and sell high prices. and eliminate long-term accumulation. ”

Recent transaction history for the third largest BTC wallet. Source: BitInfoCharts
Altcoin profits eat Bitcoin lunch at Bounce
As reported by Cointelegraph, opinions are still controversial about whether Bitcoin will bottom out, or whether there will be a new price drop in the first place.

Related: Funeral moods similar to BTC – 5 things to look for in Bitcoin this week

The strong jump among the big altcoins has strengthened the belief of some that a form of “alt season” can start with the increase of BTC.

Ether (ETH) is up 11.4% on Tuesday, surpassing BTC / USD in a move that many other major currencies have copied.

ETH / BTC has reached an overnight high since February 2018, confirms data from Cointelegraph Markets Pro and TradingView.

ETH / BTC monthly candlestick chart (bit stamp). Source: TradingView
“The best time to buy altcoins is probably the current few weeks,” argued Michael van de Poppe, a Cointelegraph contributor, adding that Bitcoin “may have bottomed out.”

Source: CoinTelegraph