One of the largest Bitcoin whales has resurfaced with the purchase of over 596 Bitcoin yesterday, data from sources show.
They were purchased at the price of $62,934 per Bitcoin.
A ‘Bitcoin whale’ is a term used to denote hefty investors who purchase Bitcoin in bulk. These whales hold enough cryptocurrency that they have the potential to manipulate the cryptocurrency valuations
It is to be noted that the purchase has been made by the whale after showing no signs of trading these past few weeks. Initially, it has been reported that the whale had made multiple purchases in the past, including selling 500 Bitcoin in August, followed by trading 321 Bitcoin in September.
This anonymous whale has reportedly bought and sold an extensive amount of the cryptocurrency when the price of Bitcoin had passed the $60,000 mark. The whale had also later begun to reaccumulate the asset when it had lost half its value.
Recently, the whale had sold some Bitcoin worth $56,000 this month before purchasing them back at a higher price. Whales have been known to study crypto surge patterns and transact deals accordingly to acquire maximum revenue through crypto trading.
The current rally of Bitcoin which saw the asset prices climb a whopping $40,000 at the end of September to a staggering $67,000 is also accredited to these whales who acted as one of the leading market drivers among others to help the asset to break all its previous set price records.