As the crypto market continues to fall, the richest non-exchange Bitcoin wallet is on a BTC shopping binge.
The wallet, which ranks third in Bitcoin holdings behind two crypto exchange wallets, purchased 4,816 BTC in the last month, spending more than R1.6 billion.
The Bitcoin wallet in question held 127,873 BTC at the beginning of June. The wallet has made multiple Bitcoin purchases in varied amounts and only one withdrawal in the last month, bringing the total to 132,189, valued at R41.7 billion.
At the time of writing, the whale has made the most recent buy, which was 186 BTC, worth R59 million. The whale also purchased 601 BTC and 815 BTC worth R186.5 million and R279 million in the last several days. Other purchases varied from 36 BTC to 488 BTC during the month.
The whale only sold 500 BTC worth R248K at the time of auction during June.
A month ago, Bitcoin was worth approximately R495K, but it is now worth R317K, a drop of more than 5% in the last 24 hours.
According to IntoTheBlock, the number of giga-whales reached a new high in June.
“Giga-whales BTC holdings hit a new record. The amount of BTC held by entities with over 100,000 BTC reached a new high on Friday.
Over 776,000 BTC is held by a grand total of 5 addresses with over 100,000 BTC, growing over 16% in the past 30 days.”
The firm also observes that holders of smaller quantities of BTC are also stockpiling.
“Small holders continue to aggressively accumulate BTC.
Addresses with less than 1 BTC have been rapidly increasing their balance in 2022.
They have added 113,884 BTC since January 1st.”