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Prominent on-chain data tracker Whale Alert, which monitors large cryptocurrency transactions, has spotted a massive amount of Bitcoin withdrawn from Bybit. This whale currently holds a mammoth $3,569,790,542 worth of BTC. This massive transaction has stirred the crypto community.

This withdrawal took place while Bitcoin continues to trade below the $70,000 price level. Despite Bitcoin’s recent price slump, data reveals that whales continue to stock up on the world’s largest cryptocurrency.

Whales go on huge BTC buying spree

The aforementioned data source shared the details of a mysterious anonymous whale shoveling a staggering 2,000 BTC withdrawal from Bybit to his wallet. This amount of the flagship crypto is worth $137,247,624.

Blockchain data shows that this whale now holds a smashing 51,710 BTC in total, which is the equivalent of more than $3.5 billion.

The majority of the comments were bullish and encouraging: “Lessgoo,” “Keep scooping up $BTC on this dip let's get it” and “This dude with a huge wallet won`t sell the next days. Seems to be a good sign.”

Someone even asked, “What tf is cooking.”

According to another on-chain data source on the X social media platform, Lookonchain, since Nov. 1, five large whales purchased 2,780 BTC (worth almost $200 million in fiat) cumulatively.

Per @Lookonchain’s tweet, 880 BTC was withdrawn from Binance – this is where all five purchases were made. This whale currently holds 1,381 Bitcoins worth $95.12 million. The second whale bought 615 Bitcoins, moving them to his private wallet. A total of 595 BTC was withdrawn from Binance by the third wallet on this list – that is, $41.38 million.

The fourth and the fifth whales bought 550 BTC (worth $38.68 million), and 140 BTC (valued at $9.48 million). One of those purchases was made while Bitcoin changed hands at $70,328. The rest of the BTC chunks were bought below it.

Bitcoin price plunges

Between Friday and Sunday, the leading digital currency witnessed a loss of almost 5%, plunging from above the $71,200 zone to the $68,000 level. Over the past 24 hours, Bitcoin has managed to partially pare its losses and recover by 1.99%. It is changing hands at $69,060 as of this writing.

Experts believe that the strong volatility now is being caused by the deep level of uncertainty due to the upcoming U.S. elections.

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