Bitcoin whales are renowned for their substantial transactions. In the past, small-time investors who put their trust in Bitcoin reaped millions in profits. As time passed, new whales emerged, making even larger investments.
Bitcoin Whale and Profit
The history of Bitcoin whales and their profits is a fascinating one. Recently, a Bitcoin (BTC) whale, dormant for 5.5 years, made a move on June 11 that caught the attention of the market. This whale transferred 8,000 BTC to a Binance address, sparking concerns among investors. If this investor decides to sell their holdings today, they stand to make a profit of over $500 million. Stay updated with the latest technology news by visiting NEWSLINKER.
Data from Lookonchain reveals that the wallet address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’ purchased 8,000 BTC at an average price of $3,810 per coin. This transaction took place on December 6, 2018, with an initial investment of around $30 million.
Years later, this long-dormant Bitcoin whale suddenly sprung back to life after 5.5 years. The whale transferred their entire balance to Binance, a move that often precedes a potential sale. If this holds true, the whale could be looking to cash in on their investment after more than five years. At the time of Lookonchain’s report, the 8,000 BTC was valued at approximately $535 million.
Bitcoin Whale’s History
What do these recent transactions by the whale signify? The first transaction occurred on November 28, 2018, when the whale purchased 6,800 BTC at a price of $3,754 per coin. Subsequent transactions included buying 1,000 BTC at $3,487 on December 5 and 200 BTC on March 13, 2019.
The decision to send all BTC to the exchange could potentially indicate a forthcoming downturn in the market. With the upcoming FOMC meeting and interest rate decision, high volatility is anticipated in the market. Despite speculative interest from futures and ETFs, low on-chain and spot transaction volumes suggest a lack of enthusiasm for BTC.
With BTC’s price currently at $67,000, the investor has undoubtedly made significant profits. The question of when they will choose to sell their holdings remains unanswered.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct thorough research before making any investment decisions.