A skilled cryptocurrency trader has reportedly earned a staggering $24 million in profit through a series of savvy bitcoin trades over the past year, according to on-chain data shared by the X account @lookonchain.
The trader, whose identity remains unknown, has demonstrated an impressive ability to buy bitcoin (BTC) at low prices and sell at highs, capitalizing on the volatile nature of the crypto markets.
One Transaction Nets $21 Million Profit
In a standout trade just hours ago, the trader spent 30.76 million DAI (a USD-pegged stablecoin) to purchase 500.68 BTC at $61,436 each. This single transaction alone netted an eye-popping $21.04 million in realized profits for the trader.
@lookonchain refers to this anonymous investor as “very smart” for consistently timing the market and executing lucrative trades.
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Show more +History of Profitable Bitcoin Trades
A look back at the trader’s track record reveals a pattern of shrewd bitcoin buying and selling over the past year:
- From February to March 2022, the trader conducted three BTC trades, purchasing at lows and selling at highs to earn $4.26 million in just one month.
- In April 2022, they spent $32.12 million to buy 816 BTC amid a market downturn.
- As prices continued falling, the trader doubled down in September 2022 and January 2023, acquiring another 336 BTC for $6.75 million at around $20,000 per coin.
- The big payoff came on March 15th of this year when the trader sold 500 BTC for $33.64 million at $67,283 each, locking in over $16 million in profit.
- Just 3 hours ago, the trader redeployed $30.76 million to buy back into BTC at the lower price of $61,436 per coin.
The anonymous trader’s BTC wallet currently holds 1,153 BTC worth around $71.72 million at current prices, with an unrealized profit of $35.7 million on those holdings.
While the identity and strategies of this “smart” trader remain a mystery, their trades demonstrate the potential for massive profits in the highly volatile crypto markets for those with keen market timing abilities.
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