Large Holder Transfers 203 BTC to Binance Amid Bitcoin Revival
The recent resurgence of Bitcoin has prompted large investors, known as whales, to capitalize on the higher price expectations of the asset. One such whale, who had remained inactive for over a year, decided to sell their Bitcoin holdings, reaping a significant profit of 230%. According to data from Lookonchain, this whale moved 203 BTC to Binance, cashing out a staggering $12.18 million.
This whale initially acquired the Bitcoin for $5.29 million through four transactions and distributed it among seven wallets. The purchases were made between March 10 and August 7, 2023, at an average price of $26,047. Despite holding onto the tokens through the initial pre-bull run rally above $73,000, the whale eventually sold the 203 BTC for over $60,000 each on Friday, resulting in a profit of $6.89 million, reflecting a 232% growth in the value of Bitcoin during that period.
Another whale, identified as a swing trader, also profited significantly from Bitcoin’s rebound above $60,000. This trader made $2.36 million by strategically buying the dip in Bitcoin’s price and selling at higher levels. On-chain data indicates that this trader had a history of purchasing Bitcoin at low prices and selling when the asset’s value increased.
Meanwhile, other whales have been actively accumulating Bitcoin as analysts predict the asset could reach $150,000 by 2025. One whale has been steadily accumulating Bitcoin, amassing 6,482 BTC since July, bringing their total holdings to 10,043 BTC, valued at $603 million.
In a separate development, MicroStrategy, a major Bitcoin whale, recently announced the acquisition of an additional 18,300 BTC, totaling $1.1 billion. This latest purchase increased MicroStrategy’s Bitcoin holdings to 244,800 BTC, valued at $14 billion, acquired at an average price of $38,585.
As of the latest data, Bitcoin was trading at $60,164 with a 24-hour increase of 3.7%. The asset’s recent resurgence has seen it grow by over 10% in the past seven days. It’s important to note that the information provided is for informational purposes and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions to mitigate potential financial risks.
