While a large percentage of inexperienced crypto traders are panic selling their relatively small holdings, this Bitcoin whale added 488 BTC to his wallet, which already contains 124,487 coins, exceed Michael Saylor’s collateral for nearly 100 coins.
Anonymous Bitcoin Whales Add 488 BTC During Bear Market, Total Balance Is 124,487 BTC
If we look at the market activity of whales, it is easy to see that the major players are continuously adding funds to their wallets since Bitcoin started to fall from its all-time high near $70,000. .
By averaging down, the major players in the market can mitigate their losses after future asset price recoveries. Michael Saylor’s MicroStrategy often uses a similar strategy. The company has also purchased cryptocurrencies despite market conditions.
The source: Venture Founder
The average wallet entry remains at approximately $22,000 per Bitcoin, meaning whales are up at least 63% at this point. When Bitcoin was trading at its peak, the returns of large wallets were around 200%.
Compared to MicroStrategy, the anonymous whale is still significantly more profitable than the company, which holds nearly $4.5 billion in Bitcoin.
The crypto market sell-off has been worsening the market since the start of the new year when most digital assets lost up to 50% of their market value in less than a month.
According to account data and accounts on various centralized exchanges that allow users to trade perpetual futures contracts, almost half of the traders on the platform have dropped their prices due to the increased number of positions. Sales in the market increased exponentially.
At the time of writing, Bitcoin is trading at $36,420 and has lost 6.6% of its value in the past 24 hours.