Smart Money Rakes in Over $14 Million Profit from Wrapped Bitcoin (WBTC) Sale
In a remarkable turn of events, a savvy crypto investor has secured over $14 million in profit by selling Wrapped Bitcoin (WBTC). As Bitcoin (BTC) hit its highest price of the year, the investor, known for their strategic moves, began systematically selling off their holdings, reaping a massive return on investment (ROI). Today, Bitcoin is trading around the $59,000 mark, fueling speculation among market participants about its future trajectory.
Smart Money Cashes Out Big on WBTC
On-chain analytics from Arkham Intelligence reveal that a prominent whale address, identified as “ox3c9,” has successfully liquidated its Wrapped Bitcoin holdings, amassing a stunning profit of $14.26 million. This address had been accumulating WBTC over the past 10 months, with initial purchases starting on Binance in October 2023. The total holdings eventually reached 618 tokens.
As Bitcoin’s price reached a new all-time high (ATH) in March of this year, the whale began to strategically reduce their position. By offloading $38.89 million worth of tokens at an average price of $62,921 per WBTC, the investor realized the significant profit mentioned above. The sequence of transactions has led to speculation about Bitcoin’s diminishing potential to deliver high returns to investors.
WBTC is an Ethereum-based token that mirrors Bitcoin’s value, maintaining a one-to-one ratio. The token’s price fluctuations have closely mirrored Bitcoin’s post-halving performance, influenced by various on-chain metrics and broader macroeconomic factors.
Current Bitcoin Market Dynamics
As of Saturday, August 17, Bitcoin’s price saw a modest gain of nearly 1%, reaching $59,207 at the time of writing. The cryptocurrency’s 24-hour trading range was between $57,582 and $59,847, with WBTC trading at $59,129.
Bitcoin’s 24-hour trading volume experienced a 26.36% drop, settling at $25.58 billion. However, Bitcoin’s market dominance increased slightly to 56.29%, marking a 0.48% rise over the past day.
According to data from Coinglass, Bitcoin Futures Open Interest (OI) grew by 2.11%, reaching $30.36 billion today, although derivatives volume decreased by 31.05% to $51.04 billion, leading to mixed market sentiment around the asset.
Additionally, the Relative Strength Index (RSI) hovered around the 55 mark, indicating that Bitcoin is neither overbought nor oversold. The Bollinger Bands on the chart suggest low volatility as they draw closer together, signaling the possibility of an upcoming trend breakout. This has left crypto market participants closely watching Bitcoin’s next move.
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