Bitcoin whale address, ranked as the third largest, bought 2,822 bitcoins worth $117,144,042 in a week with the price around $40,000.
The whale address is reportedly the largest non-exchange entity and is currently valued at $5,202,214,689 as per a report from BitInfoCharts.
Cryptocurrency analyst Benjamin Cowen observes that the investor has remained active, trading a range instead of buying and holding the digital asset.
Cowen notes that the wallet has been buying at the lows of $40k and the upper $30k levels. The address also sold about 1,500 when the price peaked around $67,000.
The majority of the whale investors reportedly enter the buy position only occasionally, particularly during significant corrections. Cowen adds that the resurgence of longer-term whales may become a buy signal in BTC.
Bitcoin is currently trading at $41,463 after a jump of 1.66% in the past 24 hours and 3.31% in the last week.