A Bitcoin trader successfully earned nearly $80 million from Bitcoin before its price took a downward turn.
Recent data shared by blockchain analyst @lookonchain reveals that a crypto trader moved a significant amount of Bitcoin to Binance and sold it just before the price of Bitcoin experienced a sharp decline.
Bitcoin Trader’s $140 Million Profit Amid Market Volatility
A cryptocurrency trader managed a significant move, converting a Bitcoin chunk worth a staggering $140 million. The trader reportedly withdrew this Bitcoin from Huobi exchange in early October of the previous year when its price was $20,000. Subsequently, the trader sold the Bitcoin on Binance, capitalizing on a cumulative 2x increase in the digital gold’s value. This strategic move resulted in an impressive profit of approximately $78 million, marking a remarkable 126% gain, as highlighted by blockchain analyst @lookonchain.
We noticed that a whale deposited 3,100 $BTC($140M) to #Binance yesterday before the market crashed.
The 3,100 $BTC was withdrawn from #HTX on October 6, 2022, when the price was $20,000.
The profit is ~$78M (+126%)!https://t.co/P3SxXKMWiZ pic.twitter.com/hQ7HbR0NCv
— Lookonchain (@lookonchain) January 4, 2024
Despite Bitcoin experiencing a 7% decline recently, it has managed to recover by 2.55% from the previous day’s slump. The cryptocurrency faced a downturn following a report by Matrixport, suggesting that the U.S. Securities and Exchange Commission (SEC) is unlikely to approve any of the Bitcoin spot ETF applications submitted by major Wall Street players like BlackRock, Grayscale, and Fidelity. The report cited various reasons for this assumption, including internal U.S. political factors and geopolitical considerations.
Market Response to Report: Liquidations and Whale Purchases
Following the release of the Matrixport report, traders swiftly moved to close their existing cryptocurrency positions, resulting in a significant wipeout of approximately $730 million from the cryptocurrency market. Notably, Bitcoin and Ethereum faced the largest liquidations during this period.
On the flip side, some prominent market players, often referred to as “whales,” seized the opportunity to buy crypto at the dip. According to insights from blockchain analyst @lookonchain, two unidentified cryptocurrency wallets engaged in strategic purchases. These wallets acquired 35.18 Wrapped Bitcoin (WBTC) at $42,641 and 674.18 Ethereum (ETH) at the $2,225 price point, with a combined expenditure of 3 million USDC on both transactions.
Robert Kiyosaki: “Bitcoin Halving and Bullish Predictions”
Renowned financial expert and author of the widely-read book “Rich Dad Poor Dad,” Robert Kiyosaki, has emphasized the significance of the upcoming Bitcoin halving in April. Known for his outspoken support and investment in Bitcoin over the past three years, Kiyosaki has also diversified his portfolio to include gold and silver. He encourages his followers to closely monitor these assets, anticipating substantial price surges in the coming years.
Expressing his bullish outlook, Kiyosaki predicts that Bitcoin is poised to reach $130,000 and potentially surge even further to $500,000 by the year 2025. Despite market fluctuations, he continues to actively acquire Bitcoin, as well as physical gold and silver during market dips. Kiyosaki firmly believes in the long-term value of these three assets, asserting that they will retain significant worth even in the event of a potential collapse in the U.S. economy.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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