Suspected An Eastern’Whale’ buys $771 million Bitcoin during the slump

One mysterious billionaire from the Orient seems to be hoarding Bitcoin from March at a low price.

An account named 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 has continued receiving Bitcoin since March 25th, data from Bitcoin Explore reveals. Until May 28th, it holds nearly 94,000 Bitcoins, currently valued at more than 700 million dollars.

data complied by BABI Finance

After statistics, BABI Finance found that the mysterious account tends to buy when Bitcoin falls and never sell yet. This account has now become the sixth largest wallet in Bitcoin network. (The top five wallets are all labeled as the exchange cold-wallet)

Also, after tracking the sending sources, BABI Finance found that nearly 20,000 Bitcoins are from Chinese platforms, Huobi and Haobtc. And another 67,000 are from the wholesale transfer of fourteen ‘single accounts’, some of the Bitcoins behind these ‘single accounts’ can also be traced to Chinese trading platform. It is suspected that the ‘oriental whale’ is hoarding Bitcoin at the low price.

data complied by BABI Finance
data screened by

We can’t find the controller behind this mysterious account by limited data, it is also part of Bitcoin fascination.

An unnamed people in wholesale digital currency industry told BABI Finance, it is a large agent that located in Dubai who is buying these Bitcoins, but the real client behind this agent remains unknown.

However, with reference ideas of traditional finance market, the controller may be a long-term institutional investor.

In tradition financial market, institutions that perform the most prudent strategies are insurance companies or retirement funds. They tend to apply a “buy low, sell high” process.

In periods during which the market exhibits a rising momentum, the funds begin to lower exposure. On the contrary, if the stock market continues to drop, these big players will have gotten to buy some cheap shares. This is different from most retail investors who like to chase the momentum and sell when market drop.

Also, these institutions tend to hold for a long time, and generally do not easily dump. Therefore, this may be a rare positive signal in the recent depressed crypto-currency market.

Certainly, there is also a possible scenario that the exchange is building new cold-wallet. However, since we have previously counted the receiving sources, we see that a considerable portion of sources come directly from two different exchanges, the probability of this scenario is low.

Finally, everything is inferred based on known data that BABI Finance finds. The truth may be entirely beyond expectation. Everyone should do your own analysis to prove a trading logic, never believe in anyone easily.