In a surprising turn of events, an astute cryptocurrency investor, commonly known as “Smart Whale”, has reaped huge profits by taking advantage of the approval of Bitcoin (BTC) ETFs.
According to Lookonchain’s post, this whale sold Bitcoin worth approximately $74 million after the approval of Bitcoin ETFs.
A whale deposited all 2,742 $BTC($127.5M) to #Binance to take profits after the #Bitcoin spot ETF opened trading.
The whale withdrew 2,742 $BTC($53M) from #Binance between Oct 7, 2022, and Dec 29, 2023, at an average price of $19,337.
The profit exceeded $74M! pic.twitter.com/1O96Z9ihie
— Lookonchain (@lookonchain) January 12, 2024
During the accumulation period that spanned from October 2022 to December 2023, the whale managed to collect an impressive total of 2,742 Bitcoins from the Binance platform.
Their strategy, which involved the gradual acquisition of these digital assets, turned out to be exceptionally fruitful.
The average cost of acquiring these Bitcoins amounted to $19,337, and it all seemed to make sense when the whale decided to deposit all of its 2,742 Bitcoins on Binance after the Bitcoin ETFs opened for trading.
What followed was a clever financial move by this whale, which withdrew those 2,742 Bitcoins from Binance between October 7, 2022 and December 29, 2023, when the average price of Bitcoin was around $19,337.
This shrewd move on Bitcoin generated profits exceeding a staggering $74 million
The cryptocurrency market is notoriously volatile, and this savvy investor was able to capitalize on the approval of Bitcoin ETFs, driving the price of Bitcoin above $48,000.
The accumulation strategy during the period prior to the opening of the ETFs turned out to be key to maximizing profits at the right time.
According to the latest data from CoinMarketCap, Bitcoin (BTC) is currently valued at $44,508.57, reflecting a decrease of 5.19% in the last 24 hours.
This drop in value is reflected in the market capitalization, which has experienced a drop of 5.22%, reaching $871.96 billion.
Despite this short-term slowdown, it is worth noting that Bitcoin retains its position as the leading cryptocurrency with market dominance.
These figures illustrate the dynamic nature of cryptocurrency markets, where price fluctuations are common and investors closely monitor real-time data to make informed decisions.
It is essential to note that investment strategies may vary, and the successful results of this Smart Whale do not guarantee similar success for other investors.
The unpredictable nature of cryptocurrencies highlights the importance of conducting thorough research and understanding the associated risks before participating in this exciting but volatile market.
The story of this Smart Whale who made $74 million after the approval of Bitcoin ETFs underlines the importance of cunning and strategic planning in the dynamic world of cryptocurrencies.
