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Bitcoin Whale Cashes Out Big: What Next For BTC?

  • Dormant whale sells 203 BTC at $60,000 for a $6.89 million profit.
  • Another whale gains $2.36 million from short-term Bitcoin trades.
  • MicroStrategy acquires 18,300 BTC, total holdings now 244,800 BTC.

A long-dormant Bitcoin whale just made 230% profit when he liquidated his holdings. The whale cashed out $12.18 million by moving 203 BTC to Binance late on Friday, according to data from Lookonchain.

Data reveals that the whale split his wealth among seven wallets after purchasing it for $5.29 million for four transactions. Interestingly, he paid an average of $26,047 for his baggage between March 10 and August 7, 2023.

Even after the initial pre-bull run climb beyond $73K, he had hung onto the tokens. Nevertheless, the whale finally sold the 203 BTC on Friday, 13 months after his previous purchase, for over $60,000, making a profit of $6.89 million. Bitcoin grew 232% from the time of purchase to the time of sale.

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BTC Whale Transacts Short-term Gains to the Tune of $236 million

As calculated by Lookonchain on X, a particular swing trader earned $236 million by swapping 205 BTC to Binance when the coin was at a $60K breach. This trade has drawn a lot of interest, especially emphasizing the potential of making profits for investors in Bitcoin.

It would also be valuable to know that the whale with seven wallets possesses 10,043 BTC; at today’s rate, it will cost a whopping $603.84 million. Due to its significance, the market is favourable for the asset’s long-term future.

Additionally, Lookonchain data showed that when the price of Bitcoin broke $60K the previous day, a whale purchased 1,062 bitcoins, or $63.96 million. This massive collection has increased confidence in the coin’s potential price movement.

As of the time of writing, Bitcoin’s price was $59,842, up over 2% from the previous day. The currency’s range through the day was recorded as low as $57,650.11 and high as $60,656.72. Based on Lookonchain data, Bitcoin whales began to operate once the price of the currency went beyond the $60,000 threshold.

MicroStrategy Purchases Another 18,300 BTC

In related updates, MicroStrategy announced on Friday that it acquired 18,300 BTC for $111 billion in a statement. The business’s executive chairman, Michael Saylor, made it public that the corporation now holds 244,800 BTC in total value.

This is one of the biggest BTC purchases undertaken by the company. In the same week, the price of MSTR shares was 18.74% up. With this most recent acquisition, the company’s total Bitcoin holdings now stand at 244,800, worth $9.45 billion, or $38,585 per Bitcoin.

The company has generated a 4.4% QTD and 17.0% YTD BTC Yield. More so, Lookonchain reports that the current earnings amount to $4.71 billion.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Kelvin Munene
Kelvin Munene
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.