Whale Sells 540 WBTC for $29.6M, Reaping $15.5M Profit
blockchainreporter.net + 1 more 07 August 2024 13:52, UTC In the past two days, a prominent cryptocurrency whale sold 540 Wrapped Bitcoin (WBTC) valued at approximately $29.6 million. The sale occurred at a price of $54,853 per WBTC, yielding a profit of around $15.5 million.
A whale sold 540 $WBTC($29.6M) at $54,853 in the past 2 days, making ~$15.5M.
This whale bought 721 $WBTC from #Binance at $26,191 between Aug 21 and Aug 25, 2023.https://t.co/0Nk6sX4z5z pic.twitter.com/Pni1UZr8Ra
— Lookonchain (@lookonchain) August 7, 2024
This whale initially purchased 721 WBTC from Binance between August 21 and August 25, 2023, at an average price of $26,191 per WBTC. This strategic move allowed the whale to capitalize on the recent surge in Bitcoin prices.
Additional Sales and Profit
In the past 36 hours, the same whale sold 320 WBTC for $17.8 million as soon as Bitcoin prices began to recover. This whale had accumulated most of its WBTC holdings during last year’s bear market, at an average price of approximately $26,176 per WBTC.
A whale with 91% ROI sold 320 $WBTC ($17.8M) in the past 36 hours, as soon as the #Bitcoin recovered!
Notably, this whale accumulated most $WBTC during last year’s bear market, when the price was only ~$26,176;
And now has an est. total profit of $21.3M (+91.3%) with 250 $WBTC… pic.twitter.com/m4LENQHCax
— Spot On Chain (@spotonchain) August 7, 2024
Following these transactions, the whale still holds 250 WBTC, valued at $14.3 million. With an estimated total profit of $21.3 million and a return on investment (ROI) of 91.3%, this whale has demonstrated significant financial acumen in navigating the volatile cryptocurrency market.
The whale’s strategic buying during the bear market and timely selling during price recoveries have resulted in substantial profits, highlighting the potential for lucrative gains in the cryptocurrency market for those who can accurately time their trades.
