cryptopotato.com
Bitcoin ($BTC) whales have been busy this week taking profits, or at least it appears so. According to on-chain tracker Lookonchain, one wealthy trader made a profit of $217 million on $BTC after selling a large amount of $BTC on Binance.
The whale in question had accumulated and held $BTC for several months, specifically since August 2023. As $BTC’s price exploded above $40K in January, he sold 4,300 $BTC on Binance at an average price of $43K —netting approximately $183M in profits.
That same whale sold 100 $BTC on Wednesday, leaving 4.3K $BTC ($313M) at his disposal. Users on Crypto Twitter could only speculate about the whale’s next move.
With Bitcoin reaching new heights this week and topping $73K, it wouldn’t be surprising if the whale sells another portion of his $BTC stash.
That’s because multiple whales were spotted sending thousands of $BTC to crypto exchanges, as reported by blockchain tracker Whale Alert.
On Wednesday, Whale Alert reported that several addresses from whales have moved a combined 7K $BTC, or over $500M, to exchanges. The largest transaction amounted to 3,001 $BTC ($217M) deposited to Coinbase.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,001 #$BTC (217,488,373 USD) transferred from unknown wallet to #Coinbasehttps://t.co/WcEA7EUVpl
— Whale Alert (@whale_alert) March 13, 2024
Bitcoin’s Price Drops to $70K
At the time of this writing, Bitcoin’s price lost some 3.4% in the past 24 hours, trading closer to $70K. This has reduced its gains for the week to around 4%.
Other cryptocurrencies also followed suite. Ethereum is down 3.6% and trades toward $3.8K. Solana, on the other hand, continues trending upward. SOL soared by 5% in the past day and is up 12% on the week.
Data from CoinGlass reveals that the total number of liquidations in the past 24 hours is around $300 million, with $210M of them being long positions – as expected.