Bitcoin

A Whale Has Been Actively Accumulating Bitcoin Since Mid-September Despite The Bear Market

Bitcoin (BTC) along with the financial markets saw a decline in price throughout the third quarter, partly due to the effects of inflation, the rest is probably due to the fading investor mania. However, some think this is the time to accumulate.

On Twitter, an anonymous Bitcoin analyst and investor known as @Capital15C released the data of a unique network address.

The address began actively acquiring digital gold on September 17, 2022. They often buy BTC for 100-200 coins. Their net balance has risen to 26,280 BTC from 21,799 BTC.

This wallet’s USD-denominated balance surpassed $500 million in less than three weeks. Despite the poor performance of the largest cryptocurrency, it hit a local maximum of more than $521 million two days ago.

It could be said that September saw the usual drop in price for this king coin, but perhaps that did not deter investors with a diamond hand. Bitcoin has been very consistent lately moving around the $20,000 mark, at the time of writing, BTC is trading at $19,402.

BTC daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.