The Bitcoin resurgence saw whales take profit, with the asset’s accumulation ramping up following higher price expectations.
A Bitcoin whale who has been dormant for over one year has sold his stash at a 230% profit. Data from Lookonchain shows that the whale moved 203 BTC to Binance late Friday, cashing out $12.18 million.
The whale acquired his stash for $5.29 million over four transactions and shared it among seven wallets, data confirms. Notably, he bought his bags between March 10 and August 7, 2023, at an average price of $26,047. He had held onto the tokens despite the initial pre-bull run rally above $73K.
However, 13 months after his last purchase, the whale has now sold the 203 BTC above $60,000 on Friday, with a profit of $6.89 million. Between its acquisition and selling time, Bitcoin has grown 232%.
Bitcoin Whale Profits $2.36M
Another whale made a substantial profit following Bitcoin’s rebound above $60,000. The swing trader made $2.36 million buying Bitcoin’s dip and selling at higher prices. For context, a swing trader is a speculative trader who holds an acquired asset for a short period with the expectation of taking profit at a price change.
On-chain data shows that the whale had a history of buying Bitcoin at a low price and selling when the asset rebounds. His first attempt came a month ago when he purchased 103 BTC ($5.33 million) during the August 5 Bitcoin crash. The whale sold his stash for $6.36 million on August 21, when Bitcoin traded at $61,500, gaining $1.03 million.
A few hours ago, the swing trader deposited 286.8 BTC ($17.3 million) to Binance, with a profit of $1.25 million. The whale acquired the asset with $16.07 million in four purchases when Bitcoin dipped from $59,000 to $54,000 between August 29 and September 7.
Whales Accumulating Bitcoin
Meanwhile, whales have continued to buy Bitcoin as analysts tip the asset to hit $150,000 by 2025. Data reveals another whale has been on a buying spree, accumulating 6,482 BTC since July. The whale now has 10,043 BTC, valued at $603 million.
Also, a major Bitcoin whale, MicroStrategy, announced on Friday that it has acquired 18,300 BTC ($1.1 billion). The Bitcoin development firm’s latest acquisition took its Bitcoin war chest to 244,800 BTC ($14 billion), bought at an average price of $38,585.
Bitcoin was trading at $60,164 at press time, with a 24-hour uptick of 3.7%. The asset’s resurgence means it has grown over 10% in the past seven days.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.