Bitcoin whales are renowned for their substantial transactions, with small investors who initially believed in Bitcoin reaping massive profits in the past. As time passed, new whales emerged, making even larger investments.
Bitcoin Whale and Profit
A Bitcoin (BTC) whale, dormant for 5.5 years, made a move on June 11 that raised eyebrows in the market. The whale transferred 8,000 BTC to a Binance address, sparking concerns among investors. If this whale decides to sell now, they could potentially make over $500 million in profit. Stay updated with the latest technology news by visiting NEWSLINKER.
According to data from Lookonchain, the wallet address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’ purchased 8,000 BTC at an average price of $3,810. The transaction took place on December 6, 2018, with an initial investment of around $30 million.
Years later, this Bitcoin whale resurfaced after a long slumber of 5.5 years. The whale transferred their entire balance to Binance, a move that often signals a potential sale. If indeed the whale decides to sell, they 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 from the whale indicate? The first transaction occurred on November 28, 2018, when the whale purchased 6,800 BTC at a price of $3,754 each. This was followed by another purchase of 1,000 BTC at $3,487 on December 5, and 200 BTC on March 13, 2019.
The decision to move all BTC to the exchange could be seen as a sign of a potential downturn in the market. With high volatility expected ahead of tomorrow’s FOMC meeting and interest rate decision, there seems to be a lack of interest in BTC based on low on-chain and spot transaction volumes, despite speculative demand from futures and ETFs.
With BTC’s current price at $67,000, the investor has already made substantial gains. The question of when they will decide to sell remains unanswered.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before making any investment decisions.
