A crypto whale described as a “master” has recovered millions of dollars’ worth of Bitcoin (BTC) after five months of inactivity, according to Lookonchain, which tracks on-chain movements in cryptocurrencies. $62,039 made the sale.
The Whale That Buys Low and Sells High
Lookonchain announced that this whale made a transaction earlier this week by selling 200 BTC worth $11.6 million. The whale had been maintaining its Bitcoin reserves for five months and avoiding selling. Lookonchain experts reporting on on-chain activity wrote the following;
“This whale is very good at buying Bitcoin low and selling it high! The whale now has 2,800 BTC ($164.4 million) left, with a total profit of over $168 million!”
Another Whale Is Selling Bitcoin
Not only this whale, but also a different address deposited 119 BTC (worth $7.14 million) to the Binance exchange. According to Lookonchain, this second whale is also selling Bitcoin in order to make a profit. After reaching a satisfactory profit level, he probably liquidated his assets because he was worried about the decline.
“Since December 1, 2023, this whale has purchased a total of 3,409 BTC ($195.4 million) on the Binance exchange at an average price of $57,319. He then deposited 320 BTC ($19.56 million) on the Binance exchange at $61,192, leaving him with 3,089 BTC ($186 million).
His profit from Bitcoin is around $10.5 million.”
Bitcoin Price Movements
At the time of writing, Bitcoin (BTC) is trading at $63,000. The largest cryptocurrency by market cap has gained nearly 6 percent in the last 24 hours. Bitcoin is still down from its all-time high of nearly $73,777, which it reached in March.
Large transactions made by whales in the crypto market are closely monitored as they can affect market dynamics. These high volume purchases and sales are considered important indicators for investors.
Experts say that large BTC movements can reflect market sentiment and provide strategic clues to other investors. However, we should know that whales can also create wrong strategies. In fact, whale reserves are still significant.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
