![Why is Bitcoin 'Acting Weak' According to Michaël van de Poppe](https://captainaltcoin.com/wp-content/uploads/2023/10/ARBITRAGE-SCANNER-LOGO-3.png)
A cryptocurrency whale identified as 0xc055de577ce2039e6d35621e3a885df9bb304ab9 has accumulated 343.168 Wrapped Bitcoin (WBTC) worth over $14.69 million, according to data from on-chain analytics platform SpotOnChain.
The whale conducted several large transactions over the past week, converting other cryptocurrencies into WBTC. This included swapping 2,500 WETH ($5.7 million), 1.98 million USDT, 2,545 ETH ($5.8 million), and 1.24 million USDC into WBTC. The average purchase price was $42,733 per WBTC.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-843-1024x525.png)
Prior to this recent accumulation, the whale had bought and sold WBTC multiple times. In total, the whale has accumulated 1,106 WBTC to date with an average purchase price of $33,696. However, 756 WBTC were sold back in late December 2022 for $25.9 million at an average selling price of $34,259.
The series of transactions comes amidst increased volatility in crypto markets, with Bitcoin bouncing between $40,000 and $43,000 over the past two days. The whale likely sees the current prices as a buying opportunity, allowing it to purchase WBTC at a discount compared to earlier this year when WBTC was trading around $48,000.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +As it stands, the 0xc055de577ce2039e6d35621e3a885df9bb304ab9 wallet holds 343.168 WBTC worth $14.69 million. With an average buying price per coin at $42,733, the whale is currently sitting on an unrealized profit of 27.8% or $3.27 million. It remains to be seen whether the whale will continue accumulating or sell its holdings if the price of Bitcoin recovers substantially this year.
You may also be interested in:
- Ripple’s XRP Following Expert’s Prediction, a 15% Rally to This Price Level Is Next
- Bitcoin, Solana, and These 5 Cryptos Have Significant Events That Could Help You Profit This Week
- Why Investors From Solana (SOL) and Toncoin (TON) Are Showing Interest In the New Kelexo (KLXO) Presale
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.