It is now 13 years since the genesis block of the Bitcoin (BTC) blockchain was created, which marked the beginning of the chain. To commemorate the occasion, the third-largest Bitcoin whale appears to be back after the new year holidays, and he or she has just completed the first sizable purchase of 2022.
On Jan. 4, the third-largest Bitcoin address added 456 BTC at an average price of $46,363, equivalent to around $21 million, according to data from Bitinfocharts. com.
— Whale Alert (@whale_alert) January 3, 2022
At the time of this writing, the whale holds 120,845.57 BTC worth over $5.6 billion. The holder’s identity remains a mystery, but it appears that the entity is making full use of the current price volatility. Bitcoin has dropped 1.7% in the last 24 hours and 8.9% over the last week, currently trading at around $46,603.
Meanwhile, the bearish factors weighing on the cryptocurrency market at the end of 2021 have persisted throughout the first week of 2022 after Bitcoin’s price fell below $47,000 on Jan. 1 and it continues to face strong headwinds on shorter timeframes charts.
Despite the short-term difficulties for Bitcoin, many investors remain enthusiastic. Analyst and pseudonymous Twitter user GalaxyBTC recently shared this chart showing a potential breakout in the first quarter of 2021.