New Address Places 30 BTC Limit Buy Orders Below Market Price

BlockBeats reported on August 31 that a newly activated address placed 30 non-reducing BTC limit buy orders at 14:22, with prices ranging from $75,000 to $76,000. According to BlockBeats On-chain Detection, the orders are set to buy a total of 1,046.7831 BTC, with a notional value of about $79.032 million based on the order prices. The address currently holds no positions, and all 30 orders are identical at 34.892 BTC each, with single-order values of roughly $2.62 million to $2.65 million. BTC was trading at $78,689.4, putting the buy orders about 3.42% to 4.69% below the current price. The address was activated four days ago and received about $5.1 million in funds before opening four short positions and earning $330,000. If filled, the orders would mark the address's first long position.