Individual and institutional crypto investors are reportedly making huge profits with Bitcoin and altcoins. In the latest event, an entity has leveraged $WBTC coin also known as Wrapped Bitcoin to make profits within just 5 days, says SpotOnChain (a prominent on-chain analytics platform). The platform provided the details of the respective development on its official account on X.
This entity just took a $421K (+2.59%) profit from $WBTC after only 5 days!10 hours ago, they have sold all 252 $WBTC for 16.64M DAI at ~$66,121.This brought their total profit from $SHIB and $WBTC to $8.66M!Follow @spotonchain and set alerts for the entity to see which… https://t.co/UHfqLIS9Yq pic.twitter.com/mnefzz6G1D
— Spot On Chain (@spotonchain) May 20, 2024
An Entity Leverages $WBTC to Generate $421 in 5 Days
In its recent X post, SpotOnChain noted that the above-mentioned entity effectively made a huge profit with $WBTC. As per the analytics provider, the entity generated a profit of up to $421K from the crypto token. The platform also mentioned that the respective figure indicates an increase of more than 2.59% in terms of profit. According to SpotOnChain, the institution follows a particular strategy to make the respective development happen.
The analytics company disclosed that the entity had nearly 252 $WBTC tokens in total. To make a profit, the entity reportedly traded the entirety of these coins. SpotOnChain asserted that the entity sold the $WBTC coins for approximately 16.65 million DAI. It reportedly added that the entity sold the tokens at an average rate of $66,121 just ten hours back.
As a result of this move, the institution remained effective in making a significant profit. It claimed that the entity’s cumulative profit in $WBTC and $SHIB touched a top spot of $8.66 million. According to the analytics provider, the entity had formerly generated $8.24 from $SHIB within just 30 days. Following that, it targeted $WBTC as the next. This entity knows how to utilize different types of altcoins to make big profits whether they are high caps or memecoins.
The BTC Price Spike Places the Profit at $380K
Nearly 14 hours back, the entity spent almost 16.22 million $DAI to purchase up to 252 $WBTC tokens. It reportedly purchased the tokens at an average rate of $64,449. In the recent twenty-four hours, the price of Bitcoin has jumped by 6%. Hence, the entity’s profit reached $380K spot after that.