Bitcoin Whale Books $217 Million Profit After BTC Broke $73,000
March 13 2024 - 6:00PM
NEWSBTC
The ongoing Bitcoin surge is proving lucrative for a crypto whale.
According to Lookonchain data on March 13, one large BTC
address has raked in $217 million in profits after prices rose
above $73,000 earlier today. Profits would have even been higher
because, over the past, the whale has been unloading large amounts
via Binance, the world’s largest crypto exchange. This
development follows Bitcoin’s solid growth. Since October 2023, the
coin has been steadily rising, fueled by supportive fundamental
events, including interest rate expectations from the United States
Federal Reserve and the approval of spot Bitcoin exchange-traded
funds (ETFs) by the United States Securities and Exchange
Commission (SEC). BTC Is Rallying, Whale Books $217 Million
Profit Coupled by bullish holders, expecting more gains ahead and
after halving, the coin has been rapidly inching higher, exceeding
expectations. The previous all-time high of around $72,800 was
broken on March 13 when the coin broke higher, rallying above
$73,000. This expansion comes after a strong price correction in
the New York session on March 12. However, with confidence still in
the market, prices rallied strongly during the Asian market,
pushing prices above $72,800 to as high as $73,700. Related
Reading: Number Of Ethereum Short-Term Holders Increasing – Is A
Bull Rally Next? While traders clipped fluctuations, the anonymous
whale took full advantage of the rally after months of HODLing.
Lookonchain data shows that the whale began accumulating Bitcoin on
August 24, 2023, at an average price of $32,854, before withdrawing
and depositing 4,300 BTC at an average price of $3,534. The
address currently controls 4,300 BTC worth over $313 million and is
$217 million in profits. The whale withdrew 100 BTC worth $7.22
million via Binance on March 13, possible to book profits.
BlackRock And Wall Street Driving Bitcoin Demand Whether the whale
will withdraw more and consolidate profits remains to be seen.
However, considering the overall optimism across the market, the
address could register more gains. The crypto community
expects the deluge of capital from institutions to continue in the
weeks ahead. So far, BlackRock, through its IBIT spot Bitcoin
exchange-traded fund (ETF) product, controls over 205,000 BTC.
There is more demand from other issuers like Fidelity and Ark
Invest. Related Reading: Bitcoin Hodlers Eye Long Term: $520
Million BTC Go To Cold Storage Beyond that, the rising demand from
pension funds, mainly in the United States, would further drive
prices higher, lifting HODLers’ valuation. This week, the business
intelligence firm MicroStrategy said it was also buying more coins
after raising $800 million from investors. Feature image from
DALLE, chart from TradingView
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