Binance buys the dip, adding over 43K Bitcoin to wallet
A Binance whale wallet added 43,000 Bitcoin to its reserves while Bitcoin’s third-largest wallet continues to buy the dip.
Disclaimer: A Binance spokesperson has since clarified that this was not a Bitcoin purchase but a transfer from its storage to the below-mentioned wallet. They stated, “It’s a regular transfer rather than purchasing new BTC, when Binance issues BTC on Binance chain or Binance smart chain, Binance will hold the original BTC as collateral.”
Bitcoin billionaires continue to accumulate during the dip. As Bitcoin (BTC) filled the
$42 thousand December price wick this morning, Bitcoin whales were busy stacking sats.
belonging to Binance added 43,000 BTC on Tuesday at an average price of $46,553.68, bringing the wallet's total value to $5.5 billion.
Elsewhere, the third-largest Bitcoin address continued its spending spree,
addinganother 551 BTC since Cointelegraph last reported it bought the dip, just two days ago. The wallet continues to aggressively accumulate in the $40 thousand range, now owning a total of 121,396 BTC or roughly $5 billion.
There was some consternation on social media platforms about the wallet owner behind the $43,000 BTC buy, but Binance
confirmed ownership of the address in a tweet sent out in 2019.
The intended use of wallet address "3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb" was for the company to
issue a number of crypto-pegged tokens on Binance Chain, starting with BTCB, a BEP2 token pegged to BTC.
However, the wallet appears to have
evolved into a cold storage wallet for the world’s largest cryptocurrency exchange. In a tweet by advanced blockchain tracker @whale_alert in April last year, the wallet was again labeled as the Binance BTC reserve wallet address.
Although the wallet has been
used to mint 13,001 BTC onto the Binance Smart Chain, the owner has never sold a single Satoshi. Since June 17, 2019, it has accumulated a whopping 116,601.13647202 BTC.
At the time of writing, the wallet is valued at roughly $4,982,770,577 or just shy of $5 billion. Talk about diamond hands.