Bitcoin (BTC) returning to $50,000 overnight inspired one of the largest wallets to buy the equivalent of $137 million more.

Blockchain data from on-chain monitoring resources BitInfoCharts highlights how one entity "bought the dip" like no other.

Someone "buys the dip" to the tune of $137 one thousand thousand

Afterward ownership frequently since BTC/USD hit $69,000 all-time highs last month, the wallet holder upped the dues overnight with a single purchase of 2,700 BTC — taking their total to 118,017 BTC.

The buy dwarfs previous contempo transactions, and every bit popular Twitter account Venturefounder noted, takes the holder's residual to "whopping" record levels.

"This is officially the highest number of Bitcoin Always held in this wallet: 118,017 BTC, in total the whale has put $2.5B USD to buy BTC with an average cost basis of $21,160 per BTC," the business relationship tweeted.

"The 2d highest BTC count was during July 2022 (low $30k BTC)."

The actions buck the overall tendency, which has seen whales deposit BTC to exchanges since Friday's crash.

While at that place is no indisputable evidence that the wallet is a private investor, Venturefounder added that its activity is unlike a corporate entity such as an substitution cold wallet or fund, citing "Many strategic buy the dip & sell the rally behaviors and articulate long term accumulation trend."

Recent transaction history for third-largest BTC wallet. Source: BitInfoCharts

Altcoin profits swallow Bitcoin's lunch in rebound

Equally Cointelegraph reported, opinions remain mixed about whether the bottom is in for Bitcoin or that another toll dip is due starting time.

Related: BTC sentiment 'comparable to a funeral' — 5 things to picket in Bitcoin this week

A strong bounce among major altcoins has farther added to convictions held past some that a form of "alt season" could enter while BTC consolidates.

Ether (ETH) rallied eleven.iv% Tuesday, outpacing BTC/USD in a move copied by several other large-cap tokens.

ETH/BTC hit its highest levels since February 2022 overnight, data from Cointelegraph Markets Pro and TradingView confirms.

ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView

"The best period to purchase altcoins is probably current weeks," Cointelegraph contributor Michaël van de Poppe argued, adding that Bitcoin had "probably bottomed out."