Intelligent Whale ReEngages in Bitcoin Market Accumulating 1 Billion Profit from Previous Venture
A shrewd Bitcoin investor, known as a “smart whale,” recently made a bold move by purchasing 6,070 Bitcoins worth $395 million during a market downturn. This comes after a long hiatus from the market and a history of strategic purchases and lucrative sales that have generated over $1 billion in profit.
Many experts in the cryptocurrency community view this as a unique opportunity to acquire Bitcoin at a discounted rate before its anticipated surge in value.
The smart whale, whose trading activities are closely monitored by blockchain analysis firm Lookonchain, has consistently demonstrated a keen understanding of market trends. During the bear market of 2022, the whale acquired approximately 41,000 BTC at an average price of $19,000 per Bitcoin, amounting to a total investment of $794 million.
Subsequently, during the bull markets of 2023 and 2024, the whale sold 37,000 BTC at an average price of $46,800 per Bitcoin, resulting in a staggering $1.74 billion in revenue and a profit exceeding $1 billion.
Lookonchain highlights that the majority of these sales were impeccably timed with market highs, showcasing the whale’s exceptional ability to navigate the volatile cryptocurrency market.
The recent purchase of 6,070 BTC, valued at $395 million, signifies a significant re-entry into the market and indicates an optimistic view of Bitcoin’s future potential. This transaction has generated widespread interest and speculation among cryptocurrency enthusiasts.
Given the smart whale’s impressive track record, many are closely monitoring this latest acquisition. The whale’s activity coincides with a period of notable market fluctuations for Bitcoin and other cryptocurrencies.
Bitcoin is currently struggling to maintain the $65,000 level, experiencing a 4% decline in the past week and dropping below $65,000 for the first time since May 16. In the last 24 hours alone, $72.60 million worth of BTC has been liquidated, with $49.62 million coming from long positions.
The $65,000 level is considered a crucial support point, and if the selling pressure persists, Bitcoin could potentially decline further, reaching around $61,000.