The real story isn't where he bought cheapest - it's that he's accelerating into strength. The oldest buys (Nov 20-25) were scattered; the densest cluster is the last 48 hours, with 8 back-to-back Coinbase inflows averaging ~$18.7M each.

He bought the biggest single tranche ($63.46M) on Nov 25 as BTC was declining from $62k toward $60k, but then kept buying every 1-2 hours even as price recovered to $61.2k. That rhythm - systematic, unresponsive to hourly price swings, no hesitation at resistance - is how institutions load conviction positions.

He's not scalping; he's stacking. The on-chain macro backs this read: BTC as a whole is in strong accumulation - $791.19M net outflow over 7d, $275.92M in the last 24h, with stablecoins +$1.15B net inflow (dry powder arriving).