A “smart” crypto whale recently offloaded millions of dollars worth of Bitcoin (BTC) after months of dormancy, according to the digital asset tracker Lookonchain.
Lookonchain notes the whale sold 200 BTC worth $11.6 million earlier this week after not touching its Bitcoin holdings for five months.
“This whale is very good at buying BTC at low prices and selling at high prices! The whale currently has 2,800 BTC ($164.4 million) left, with a total profit of more than $168 million!”
It is not the only whale unloading BTC: A different address deposited 119 BTC worth $7.14 million to the crypto exchange Binance on Saturday, according to Lookonchain.
The crypto tracker notes the second whale has also been making a profit on the top crypto asset.
“This whale has withdrawn a total of 3,409 BTC ($195.4 million) from Binance at an average price of $57,319 since December 1, 2023. Then deposited 320 BTC ($19.56 million) to Binance at $61,192, with 3,089 BTC ($186 million) left.
His profit on BTC is ~$10.5 million.”
BTC is trading at $60,557 at time of writing. The top-ranked crypto asset is trading even in the past 24 hours but is up more than 5% in the past week. Bitcoin remains nearly 18% down from its all-time high of nearly $74,000, which it set this past March.
Generated Image: Midjourney