After purchasing a sizeable Bitcoin amount at the current price correction, the 3rd-largest BTC whale now has over 111,000 digital coins.
The recent Bitcoin drop had the dominant crypto exploring price levels at $40,000. Though that might discourage some traders, savvy investors take it as an opportunity to add their holdings.
The latest dump allowed the 3rd-largest Bitcoin whale to buy more tokens, taking advantage of the discount. During this ‘buy the dip’ period, the entity bought Bitcoin worth over $13 million.
Whales Purchasing the Dip
CryptoPotato has been reporting actions by this whale account. In April, the mysterious whale sold a significant portion when the leading cryptocurrency surged to an ATH over $60,000.
During the following plummets, when BTC retraced beneath $40,000 and $30,000 at one point, the whale revived its buying appetite with multiple consecutive purchases. Captivatingly, almost all of these came when the asset lost several dollars from a local peak.
Also, the transactions most emerge on Coinbase, a leading cryptocurrency exchange in the US. Recently, the entity purchased around 321 $BTC at $40,500, nearly $1K from Bitcoin’s intraday low.
The whale made several repeated transfers to the wallet. With that, its BTC holding has 11,795 tokens worth approximately $4,750. CryptoQuant’s analyst VentureFounder tweeted that this whale has $2.4 billion unrealized profit.
Buying the Dip
Buy the dip is a common strategy by conservative HODLers and crypto space because of enhanced market volatility. As a result, most market enthusiasts use crypto dips to add more tokens to their holdings.
For now, the narrative seems to extend outside the crypto community to nations. Recently, El Salvador, after legalizing BTC, purchased 150 tokens after Bitcoin plunged to $45,000.
With that, the country has 700 crypto assets worth about $30 million at today’s BTC value. Also, Salvadorian president Nayib Bukele advised individuals to purchase the dips to stay ahead of the game.
Bitcoin endures losses due to negative sentiment that the market saw in the previous sessions. That affected the alt market as altcoins trade in a bloodbath. What are your views about the ‘buy the dip’ narrative? Is it a profitable move? You can share your thought below.