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World’s third largest bitcoin holder ‘buys the dip’ after price crash

The third largest holder of bitcoin has added more than $150 million worth of the cryptocurrency to their holdings following the latest price crash.

Data from blockchain monitoring service BitInfoCharts shows the investor “bought the dip” with a purchase of more than 3,000 bitcoins over the last couple of days.

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The anonymous investor now holds close to $6 billion worth of bitcoin, having made more than $3 billion in profit over the last couple of years as a result of bitcoin’s rising price.

It follows a major price crash for bitcoin, which saw it fall from above $57,000 to below $46,000 in less than 24 hours last week.

Bitcoin’s price has since recovered slightly, hovering around $50,000 on Wednesday, however remains a long way off the all-time high it experienced last month of close to $69,000.

The crypto address first became active in February 2019, when bitcoin’s price was around $3,000.

After an initial investment of 10,000 bitcoins, the wallet accumulated tens of thousands of BTC over the next two years. The latest buy-in of 3,090 bitcoins takes the total holdings to 118,405 BTC, bought at an average price of $21,160 per coin.

While bitcoin’s semi-anonymous nature means the investor is unknown, some crypto market commentators have suggested it could be a large institutional entity or individual.

Speculation has also been drawn to the possibility that it is a so-called cold wallet used by a large cryptocurrency exchange, though one analyst claimed the activity was unlike that of an active exchange.

“Transaction volume and pattern doesn’t seem to support this, very inconsistent from other cold wallets,” pseudonymous analyst VentureFounder said. “For one, many strategic buy the dip and sell the rally behaviours and clear long term accumulation trend.”

The latest purchase bucks the trend of other large bitcoin holders, known as whales, who...

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