thecryptobasic.com
A Bitcoin trader sold a significant amount of BTC, making substantial profits after holding for two years.
The weekend saw Bitcoin surge past the $66,000 mark, continuing its upward trajectory from previous gains. However, by Monday, the market experienced a notable shift.
In a span of hours, Bitcoin’s price dropped by $2,000, falling back to $64,200. This sudden correction follows several days of sustained growth, with the asset holding above $65,000 before the decline.
Despite this dip, Bitcoin’s long-term price performance remains impressive. The crypto has particularly surged by 136.2% over the past year, providing substantial gains for long-term holders.
Trader Capitalizes on Bitcoin Gains
One trader, in particular, made significant profits from Bitcoin’s yearly rise. According to data from Lookonchain, the trader sold 265.89 BTC, worth $17.5 million, realizing a profit of $11.28 million.
This sale occurred today after Bitcoin’s sharp decline, indicating that the trader strategically capitalized on Bitcoin’s earlier gains. The trader originally purchased 265.89 BTC at $23,443 each two years ago, making an 181% profit on the sale.
This case is not unique; other long-term holders have also begun to profit. For example, a September 20 report noted that miner wallets inactive for over 15 years moved a total of 250 BTC, worth approximately $15.9 million. These wallets received 50 BTC per block as mining rewards in 2009 when Bitcoin was priced at just $0.0009.
Profitability Metrics for Holders
Analysis by IntoTheBlock highlights that a significant portion of Bitcoin holders remains in profit. According to the “Global In/Out of the Money” metrics, most Bitcoin addresses acquired the cryptocurrency at prices below its current level of $63,318.82. A majority of holders bought at ranges between $18,986 and $51,156, benefiting from Bitcoin’s price appreciation over time.
Conversely, fewer addresses are holding Bitcoin at a loss, as indicated by red zones in the analysis. These addresses acquired Bitcoin at prices between $62,010.99 and $72,500.92, placing them out of profit given the current market value.
Notably, many of these buyers entered during Bitcoin’s peak, but as the current price remains lower, they are holding at a loss.