Bitcoin Surge Spurs Whale Profit-Taking Amid Rising Asset Accumulation
Bitcoin’s recent surge has prompted whales to cash in on profits, as the accumulation of assets continues to grow alongside price hike predictions. A notable whale transferred 203 Bitcoin to Binance late on Friday, securing a profit of $12.18 million.
A previously dormant Bitcoin whale, inactive for over a year, sold off its holdings, achieving a 230% profit. Data confirms that the whale acquired its holdings for $5.29 million through four transactions, distributing them across seven wallets. Between March 10 and August 7, 2023, the whale purchased the tokens at an average price of $26,047, holding them despite an initial price rise before the value skyrocketed beyond $73,000.
However, 13 months after the last purchase, the whale sold 203 BTC at over $60,000 on Friday, netting a profit of $6.89 million. From acquisition to sale, Bitcoin’s value surged by 232%.
Another whale also reaped significant profits as Bitcoin climbed past $60,000. This swing trader earned $2.36 million by buying the Bitcoin dip and selling at a higher price. Swing traders typically hold assets for short periods, aiming to capitalize on price fluctuations. The whale’s strategy involved buying Bitcoin at low prices and selling when the asset’s value rose.
The whale’s first recent attempt occurred a month ago when they bought 103 Bitcoin (worth $5.33 million) during Bitcoin’s August 5 dip. The whale sold the holdings for $6.36 million on August 21 when Bitcoin was trading at $61,500, earning $1.03 million in profit.
Just a few hours ago, the same swing trader deposited 286.8 Bitcoin (valued at $17.3 million) into Binance, gaining an additional $1.25 million in profit. The whale had acquired the asset for $16.07 million in four separate purchases when Bitcoin’s price fell from $59,000 to $54,000 between August 29 and September 7.
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Meanwhile, whale activity remains strong as analysts continue to predict a Bitcoin price rally. Since July, whales have been buying more Bitcoin. On Friday, data revealed that another whale acquired 18,300 Bitcoin (worth $1.1 billion), bringing their total reserves to 244,800 Bitcoin, valued at $14 billion, purchased at an average price of $38,585.
MicroStrategy, a prominent Bitcoin-focused company, has significantly increased its Bitcoin reserves through recent acquisitions. As of the report’s publication, Bitcoin was trading at $60,164, reflecting a 3.7% increase in the past 24 hours. Over the past week, the asset has grown by more than 10%.
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