Binance buys the bottom, increases over 43,000 bitcoins in its wallet

Time:2022-01-07 Source: 830 views Trending Copy share

One of Binance’s whale wallets added 43,000 BTC, while Bitcoin’s third-largest wallet continues to dip.

Bitcoin billionaires are continuing to accumulate during the cryptocurrency's decline. When Bitcoin (BTC) filled its December price candle at $42,000 this morning, Bitcoin whales were busy stockpiling.

An address belonging to Binance accumulated 43,000 BTC on Tuesday at an average price of $46,553.68, bringing the wallet’s total value to $5.5 billion.

In addition, the third-largest bitcoin address is continuing to accumulate coins, adding an additional 551 BTC just two days ago since Cointelegraph last reported its dip-hunting activity. The wallet continues to actively hoard coins in the $40,000 range and now holds a total of 121,396 BTC worth about $5 billion.

The intended use of the wallet address “3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb” is for the company to issue some cryptocurrency-pegged tokens on Binance Chain, starting with BTCB, a BTC-pegged BEP2 token.

However, the wallet appears to have evolved into a cold wallet for the world's largest cryptocurrency exchange. In a tweet from senior blockchain tracker @whale_alert last April, the wallet was identified as the Binance BTC Reserve wallet address.

While this wallet has been used to mint 13,001 BTC on Binance Smart Chain, its owners have never sold any of them. It has accumulated a whopping 116601.13647202 BTC since June 17, 2019.

As of this writing, the wallet is worth approximately $4,982,770,577, which is close to $5 billion.

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