Smart money trader has made NT$970 million buying and selling Bitcoin
Lookonchain, a well-known on-chain analyst, has monitored that a "smart money" address has purchased Bitcoin multiple times between August 2023 and June this year, and accurately sold it at a relatively high point to make a profit. Lookonchain posted on June 21 that the address made money every time it was sold, and has made more than 30 million U.S. dollars in profit so far, equivalent to about NT$970 million.
Blockonomics data shows that this address deposited 0.09995 Bitcoins for the first time on August 9, 2023, and then continued to purchase, holding a total of approximately 717 Bitcoins as of November of that year. He then sold all of his positions in mid-December of that year.
Starting in January this year, the address began to accumulate Bitcoins again, and by the end of May it held a total of 1,182 Bitcoins. However, he sold his entire position in late May and June.
Image source: X/Lookonchain
A “smart money” address made a total of NT$970 million by trading Bitcoin
Judging from the transaction records, this address held a large number of positions (1,021 $BTC) from February to March this year, and when Bitcoin reached a high of around $70,000, he was not greedy to increase his position. . Therefore, even if we did not accurately sell at the historical high point, we still caught the relative high point, and every time we sold, we cleared all positions, which was quite decisive.
According to Lookonchain statistics, the address made a total of $30 million in nearly a year of transactions. The first five digits of this address are 3QYQ8. Interested readers can click here to view its transaction records.
As of the time of writing, the Bitcoin balance of this address is still zero, and no further action has been taken.
How to track smart money? You can refer to these four major on-chain monitoring tools
When trading cryptocurrencies, if it is not a long-term investment, you usually refer to a lot of technical analysis, capital flow and other data. However, since blockchains are usually open and transparent, there are also many on-chain analysts who monitor on-chain data and find some "smart money" who are good at trading.
Smart Money refers to market participants with rich experience and the best investment performance. By tracking smart money, you can see the trading habits of these traders and use them as one of your reference factors when investing.
So, how do cryptocurrency investors track smart money? You can refer to the following 4 on-chain monitoring tools:
Zerion: The most suitable cryptocurrency wallet and on-chain search tool for beginners
Arkham: A comprehensive tracking tool with on-chain search, monitoring and analysis functions. You can choose to use community channels to receive monitoring messages.
Cielo: Arkham’s competitor, the free version allows users to monitor 250 wallet addresses.
Scopechat: A monitoring tool focused on the cryptocurrency project itself. You can set up to receive instant notifications when there are huge transfers in a specific project.
For a more detailed introduction, you can read this article:
Time is money in the currency circle! 4 large-chain monitoring tools are organized at once, allowing you to be one step ahead of others
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.