A smart whale tracking account on X @lookonchain has detected a large Bitcoin purchase performed just recently. It was made by an anonymous wallet owner who already holds a stash of more than $500 million worth of BTC. Large whales stocking up on Bitcoin This whale purchased 322.37 BTC valued at roughly $19 million. Over the last week, this investor accumulated 2,322.37 BTC, having paid $136 million for that crypto chunk.
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 pre-pump period for Bitcoin, this whale accumulated 2,947 BTC (the largest part of their holdings now) for $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).
Final Thoughts
The recent activity of large Bitcoin whales, as tracked by @lookonchain and @spotonchain, indicates significant confidence in the cryptocurrency despite market volatility. One whale has accumulated over $500 million in BTC, purchasing substantial amounts even during price dips, suggesting a strong long-term bullish outlook. Meanwhile, another whale has demonstrated strategic trading skills by buying at low and selling at local highs, earning a significant profit.
This behavior reflects a sophisticated approach to Bitcoin investment, where seasoned traders capitalize on market fluctuations to maximize returns, reinforcing Bitcoin’s appeal as both a speculative and long-term asset.
Article Source: U.Today
