The post Smart Whale Re-Enters Bitcoin Market with His Earlier $1 Billion Profit appeared first on Coinpedia Fintech News
A savvy Bitcoin investor known as a “smart whale” has again entered the Bitcoin market with a substantial buying of 6,070 Bitcoins worth $395 million during a recent market dip. This marks the Whale’s first acquisition in over 18 months and follows a history of strategic buys and profitable sales of more than $1 Billion.
Many in the crypto space believe that this could be the last chance to opt for Bitcoin at a discounted rate before it begins its bull run.
Smart Buying Leads To $1B In Profit
A savvy Bitcoin whale, whose activities are continuously tracked by blockchain analysis firm Lookonchain, has a proven track record of market intelligence. During the 2022 bear market, the whale acquired approximately 41,000 BTC at an average price of $19,000 per Bitcoin, totaling $794 million.
A smart whale bought 6,070 $BTC($395M) in the recent market drop!This whale bought ~41K $BTC($794M) in the 2022 bear market at an average price of ~$19K.He then sold 37K $BTC ($1.74B) at an average price of $46.8K in the 2023 and 2024 bull markets, making more than $1B!This… pic.twitter.com/hBxxtlizgh
— Lookonchain (@lookonchain) June 20, 2024
This strategic buying paid off handsomely during the bull markets of 2023 and 2024, when the whale sold 37,000 BTC at an average price of $46,800 per Bitcoin, netting $1.74 billion and a profit exceeding $1 billion.
Lookonchain notes that the majority of these sales were timed perfectly with market highs, highlighting the whale’s expertise in understanding the volatile market condition.
Recent Market Re-Entry
The recent purchase of 6,070 BTC, valued at $395 million, marks a significant re-entry into the market and suggests a bullish outlook on Bitcoin’s future potential. This investment move has sparked widespread interest and speculation within the crypto community.
Given the whale’s history of successful trades, many are paying close attention to this latest acquisition. The whale’s activity comes at a time when Bitcoin and other cryptocurrencies continue to face significant market fluctuations.
Is BTC To Dip More?
Bitcoin (BTC) is struggling to maintain the $65,000 level, posting losses of around 4% over the past week and falling below $65,000 for the first time since May 16. In the last 24 hours alone, $72.60 million worth of BTC has been liquidated, with $49.62 million of that coming from long positions.
The $65,000 level is seen as an important support point, if the selling continues, Bitcoin might fall even further, possibly to around $61,000.