A pseudonymous bitcoin whale has made yet another extremely profitable BTC trade, according to on-chain analyst LookOnChain. The whale deposited 3,000 bitcoin (worth $132.7 million) onto Binance exchange today, representing profits of around $23 million from their latest trade.
This appears to be the same trader who has now made three huge BTC trades over the past year – each time buying during market dips and selling near the peaks. With bitcoin currently trading around $44,000, up 76% from its summer lows of $25,000, the whale timed the market perfectly once again.
In total, this sophisticated trader has netted about $61 million in profit over just three BTC trades, demonstrating a win rate of 100%. As the crypto markets continue their recovery, whales and institutional investors are becoming more active again, driving increased volatility.
Apart from bitcoin’s resurgence, altcoins are also rallying hard. With crypto sentiment decidedly bullish compared to the ‘crypto winter’ of 2022 and early 2023, the big crypto players are coming out to take advantage of the momentum. Leveraged funds are likely contributing to the volatility.
The pseudonymous whale’s profit-taking may indicate they believe BTC is near its local top for now. However, with the crypto markets heating up and bitcoin holding key support above $40k, traders remain overall optimistic on future price action.
Read also:
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