While most of the crypto market seems to have entered panic mode, one Bitcoin whale has gone on an incredible buying spree. The very young whale has only been here for three months but it now boasts one of the largest BTC holdings in the industry. However, the question for now is, while this whale has been buying up large quantities of BTC, have they been making a profit?
Bitcoin Whale Jumps To $3 Billion In 3 Months
The Bitcoin whale first appeared back in the middle of May 2023 starting with around 0.199 BTC worth $5,420 on its balance. But over the next few weeks, the whale would more than 100x its holdings, closing out the month of May with over 57,300 BTC, worth $1.59 billion at the time.
Despite its already substantial holdings, this whale would continue to add BTC to its balance and as data from BitInfoCharts show, the whale would almost 2x its balance from the end of May by the time that August rolls around.3-month old wallet becomes 3rd-largest BTC whale | Source: BitInfoCharts
At its peak, the Bitcoin whale held a total of 118,000.20 BTC worth around $3.72 billion when the digital asset’s price rose above $31,000 in mid-July. But presently, the whale’s holdings are down a fair amount from this point, due to the market moving unfavorably.BTC price struggling to hold $26,000 | Source: BTCUSD on Tradingview.com
Is The BTC Whale Making Profit?
Over the course of the last three months, there have been no dips in the Bitcoin whale’s vast holdings. After its holdings jumped from 110,000 BTC to 118,300 BTC on June 29, the whale has held its stash even through the worst of the market.
As a result of its diamond-handing, there have been multiple points where there have been significant dips in the value of its holdings. The first took place between July 14 and 15 when its value went from an all-time high of $3.72 billion to $3.58 billion in the span of 24 hours.
Although there have been times when the price of BTC has seen small recoveries, the whale has not had much reprieve as its holdings are now worth over $700 million less compared to its peak. However, the whale’s implementation of a dollar-cost averaging investment strategy has helped to mitigate its losses which would’ve been substantial had all the BTC been bought at around $30,000.
Presently, the whale is still sitting on its 118,000 BTC which is now worth $3.084 billion. According to BitInfoCharts, the whale is currently nursing a $91.279 million loss from the Bitcoin price change.Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com