blockchainreporter.net
A sharp $BTC trader has leveraged the recent market rally getting millions in gains. As per Lookonchain, a prominent on-chain crypto analytics platform, the trader obtained $6.85M with re-entry in the market amid Bitcoin’s spike to its new all-time high. The analytics provider disclosed the details of this incident on social media.
This guy chased the rally to buy $BTC and made another profit of $6.85M!
— Lookonchain (@lookonchain) November 20, 2024
From Nov 6 to 8, he sold 619 $WBTC($46.44M) at $75,029 and made $8.85M!
But he sold it too early, and $BTC quickly broke through $80,000.
So he bought 562 $WBTC($45.46M) back at $80,895 and sold 562… pic.twitter.com/mgv4e0OunM
Crypto Trader Leverages Bitcoin’s Surge to New ATH to Make $6.85M in Profit
Lookonchain revealed that the investor leveraged Bitcoin’s surge to an exclusive ATH to generate a substantial profit of nearly $6.85M. This occurred between the 6th to 8th of November when the trader sold 619 Wrapped Bitcoin. The trader offloaded the respective tokens for $46.44M at Bitcoin’s average price of almost $75,029. As a result of this, the trader secured $8.85M in gains. Nonetheless, Bitcoin’s swift upward momentum shortly witnessed its price breakthrough to $80,000 spot. This left the trader on offshoots as the market kept on rising.
At that point, the trader realized the opportunity to get further profit. Hence, a re-entry to the market let the trader buy 562 $WBTC tokens for $45.46M at $80,895 as the average price. This precise move amid Bitcoin’s spree to the new ATH, permitted the trader to offload 562 $WBTC coins for $52.3M. The trader sold these coins at $93,050 as the average price. This paid off in additional gains of $6.85M.
The Development Highlights the Significance of Precision and Agility for Gains in Crypto Trading
The recent price rally of Bitcoin has emerged due to many factors. They take into account a growing institutional interest, increased adoption, and anticipation of supportive regulatory policies. The new ATH of approximately $93,050 has backed the top crypto asset’s position as a leading asset within digital finance. According to Lookonchain, the trader’s success mirrors the significance of timing and agility in cryptocurrency trading to gain such huge profits.