Bitcoin (BTC) whales have been busy taking profits this week, or at least it seems that way. According to on-chain tracker Lookonchain, a wealthy trader made a $217 million profit on BTC after selling a large amount of BTC on Binance.
The whale in question had been accumulating and holding BTC for several months, particularly since August 2023. When the BTC price exploded above $40,000 in January, he sold 4,300 BTC on Binance at an average price of $43,000 – making a net profit of grossed approximately $183 million.
The same whale sold 100 BTC on Wednesday, leaving him with 4.3k BTC ($313 million) left. Users on crypto Twitter could only speculate about the whale's next move.
With Bitcoin reaching new highs this week, surpassing $73,000, it would be no surprise to see whales sell off more of their BTC stash.
That's because several whales were spotted sending thousands of BTC to crypto exchanges, blockchain tracker Whale Alert reports.
On Wednesday, Whale Alert reported that multiple whale addresses transferred a total of 7,000 BTC, or over $500 million, to exchanges. The largest transaction was 3,001 BTC ($217 million) deposited at Coinbase.
π¨ π¨ π¨ π¨ π¨ π¨ π¨ π¨ π¨ 3,001 #BTC (217,488,373 USD) transferred from unknown wallet to #Coinbasehttps://t.co/WcEA7EUVpl
β Whale Alert (@whale_alert) March 13, 2024
Bitcoin price falls to $70,000
At the time of writing, Bitcoin price lost around 3.4% in the last 24 hours and was trading closer to $70,000. This reduced the weekly profit to around 4%.
Other cryptocurrencies also followed this example. Ethereum is down 3.6% and is trading towards $3.8K. Solana, on the other hand, continues to show an upward trend. SOL is up 5% in the past day and is up 12% week-over-week.
Data from CoinGlass shows that the total number of liquidations in the last 24 hours is around $300 million, of which $210 million is expected to be long positions.
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