Whale Stocks Up on WBTC Via Stablecoin and This Altcoin Swaps

A cryptocurrency whale identified as 0xc055de577ce2039e6d35621e3a885df9bb304ab9 has accumulated 343.168 Wrapped Bitcoin (WBTC) worth over $14.69 million, according to data from on-chain analytics platform SpotOnChain.

The whale conducted several large transactions over the past week, converting other cryptocurrencies into WBTC. This included swapping 2,500 WETH ($5.7 million), 1.98 million USDT, 2,545 ETH ($5.8 million), and 1.24 million USDC into WBTC. The average purchase price was $42,733 per WBTC.

Prior to this recent accumulation, the whale had bought and sold WBTC multiple times. In total, the whale has accumulated 1,106 WBTC to date with an average purchase price of $33,696. However, 756 WBTC were sold back in late December 2022 for $25.9 million at an average selling price of $34,259.

The series of transactions comes amidst increased volatility in crypto markets, with Bitcoin bouncing between $40,000 and $43,000 over the past two days. The whale likely sees the current prices as a buying opportunity, allowing it to purchase WBTC at a discount compared to earlier this year when WBTC was trading around $48,000.

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As it stands, the 0xc055de577ce2039e6d35621e3a885df9bb304ab9 wallet holds 343.168 WBTC worth $14.69 million. With an average buying price per coin at $42,733, the whale is currently sitting on an unrealized profit of 27.8% or $3.27 million. It remains to be seen whether the whale will continue accumulating or sell its holdings if the price of Bitcoin recovers substantially this year.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!