Bitcoin Whales’ Tactical Trades Net Millions in Profits, Reveals On-Chain Analysis
In a recent revelation within the crypto space, a large Bitcoin holder emerged, showcasing an adept skill set in trading strategies.
This significant player, identified by their address starting with 37BnFf, engaged in a series of well-timed transactions that commenced in late 2022. Their approach involved aggressive buying throughout the year, strategically selling only twice—once in April and then in early December.
After securing considerable profits, it was observed that the entity transferred a sum of $62.9 million to the Binance crypto exchange. Notably, analysts at Lookonchain, a blockchain tracking firm, highlighted the precision of this trader in purchasing Bitcoin during its price lows and divesting during high points.
They detailed this individual moved 1,449 BTC ($62.9 million) to Binance and retained 1,455 BTC ($63.16 million), resulting in a cumulative profit nearing $65 million. Their last selling action of BTC coincided with its peak value on April 16.
This smart whale is very good at buying $BTC at price lows and selling at highs.
He/she deposited 1,449 $BTC($62.9M) to #Binance 50 mins ago and has 1,455 $BTC($63.16M) left, with a total profit of ~$65M.
The last time he/she dumped $BTC was on Apr 16, at its price peak. pic.twitter.com/wTerbiiv1x
— Lookonchain (@lookonchain) December 8, 2023
Additionally, Lookonchain uncovered another significant Bitcoin holder employing a similar approach. This particular player managed to generate profits amounting to $23 million and subsequently deposited over $132 million worth of BTC into Binance.
READ MORE: Market Expert Warns: Bitcoin’s Destiny Tied to ETF Approval
Analysts elaborated that this investor made three BTC transactions in the past year, consistently buying during downtrends and selling when the market peaked. Their calculated maneuvers resulted in a total profit of around $61 million, showcasing an impressive success rate of 100%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
