Bitcoin Whale Acquires Almost 500 BTC Despite Crash

Azeez Mustapha
9 September 2021 | Updated: 9 September 2021

One of the largest Bitcoin (BTC) whales appears to be making the most out of the recent market crash. Reports show that the third-largest BTC wallet added close to 500 BTC to its holding.

The anonymous wallet purchased 490 BTC when the cryptocurrency traded at $46,800 with a transaction value of $23 million.

Whale activity tracking platform, WhaleAlert, reported that the transaction occurred in the early hours of September 8 and that it emanated from US-based crypto exchange Coinbase. Currently, this anonymous whale wallet holds 4,000 BTC more than during the Bitcoin peak in May, bringing its worth to $5 billion.

Meanwhile, reports show that this whale wallet acquired coins on August 27 in two separate purchases. One of the transactions included the purchase of 466 BTC at $47,400, while the other was a modest 38 coins, bringing the total acquisition to $23 million at today’s price. Also, these purchases emanated from Coinbase.

The whale purchase came a day after a massive crash in the crypto market, which—not surprisingly—occurred on the same day El Salvador officially recognized Bitcoin as a legal tender. The entire crypto market lost close to $400 billion in value, making it one of the worst sell-offs since late May.

Key Bitcoin Levels to Watch — September 9

Bitcoin has fallen into a sideways trading pattern between $46,800 and $45,500 over the past 48 hours, following the crash from the $52,500 area. That said, we could see a rebound from the current price levels as the broader market recovers from the recent onslaught.

BTCUSD – 4-Hour Chart

To kickstart a recovery, BTC needs to register footing above the 200 SMA at $47,550 area. Failure to do that could trigger another round of decline towards the $43,000 low.

Meanwhile, our resistance levels are at $48,000, $49,500, and $50,000, and our key support levels are at $46,000, $45,000, and $44,000.

Total Market Capitalization: $2.14 trillion

Bitcoin Market Capitalization: $883.1 billion

Bitcoin Dominance: 41.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.