How Bitcoin Whales Make 126% Profits

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According to data recently released by blockchain sleuths Lookonchain, a trader moved a large amount of Bitcoin to Binance and sold it before the leading cryptocurrency’s price plummeted. This BTC is worth up to $140 million.

The data source also shows that the trader withdrew the BTC from the Huobi exchange in early October last year, when the price was $20,000. After the digital gold cumulatively doubled, he sold it, generating a handsome profit of approximately $78 million, or 126%.

We noticed a whale deposited 3,100 Bitcoin USD($140 million) Large #binance Yesterday before the market crashed.

3,100 people Bitcoin USD withdrawn #cooperate On October 6, 2022, the price was $20,000.

Profit is approximately $78 million (+126%)!https://t.co/P3SxXKMWiZ pic.twitter.com/hQ7HbR0NCv

— Lookonchain (@lookonchain) January 4, 2024

So far, BTC has rebounded around 2% after falling 7% yesterday. In January this year, Matrixport released a report stating that the SEC was unlikely to approve any spot Bitcoin ETF applications from Wall Street giants such as BlackRock, Grayscale, and Fidelity, and subsequently Bitcoin plummeted. The report cited a number of reasons, including internal U.S. politics and geopolitical issues.

Following the release of this report, traders began aggressively liquidating cryptocurrency positions, wiping approximately $730 million worth of assets from the cryptocurrency market.

Bitcoin and Ethereum have the largest liquidations.At the same time, other whales are buying cryptocurrencies when the price drops, e.g. Bitcoin Magazine the report said.