Their total Bitcoin holdings at the moment amount to 8,881 BTC. This is the equivalent of $523,000,000. @lookonchain shared the wallet address of this whale: 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN.
Meanwhile, according to the @spotonchain crypto tracker, a cryptocurrency whale purchased 1,100 BTC on the Binance trading platform. They withdrew this BTC worth $64.2 million with a $62 million profit on the investment.
@spotonchain pointed out that this is a skilled Bitcoin trader, as they have been buying BTC when it fell to lows and then selling it once the world’s leading digital currency surged to hit price highs.
Between November 2023 and January 2024, the prepump period for Bitcoin, this whale accumulated 2,947 BTC (the largest part of their holdings now) at a price of $44,300 per coin on average.
They then made strategic sales, dumping a total of 315 BTC when Bitcoin reached local highs of roughly $60,300 each in March and then in August of this year. As of now, this skilled BTC trader holds 3,823 BTC worth $227 million. Their estimated profit, according to SpotonChain, amounts to $61.8 million (that is a 34% increase).
On that day, Bitcoin crashed from the $64,400 area to the $59,800 zone. Mow warned those who expected BTC to be “trading sideways forever” that this was not the case here.
The JAN3 chief executive pointed out that from his observations, this is exactly the time when Bitcoin starts to “go up a lot.” While BTC was trading in the $59,000 range, Mow tweeted that he did not sell a single Satoshi from his Bitcoin stash.
This article was originally published on U.Today
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