Bitcoin Whale Books $217 Million Profit After BTC Broke $73,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Optimism	OPUSD	Crypto	2,450,889,134	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Optimism

OPUSD

Crypto

2,450,889,134

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	1.59%	2.56	2.56	2.56

Price Change

Price Change %

Current Price

Bid Price

Offer

0.040

1.59%

2.56

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.57	2.52	2.52	2.52	0.903000 - 4.86

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.57

2.52

0.903000 - 4.86

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:21:23	82.15	2.56	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:21:23

82.15

2.56

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,253,625.64	491,369.16	OP	OPEUR	OPGBP	OPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,253,625.64

491,369.16

OPEUR

OPGBP

OPBTC

Bitcoin Whale Books $217 Million Profit After BTC Broke $73,000

13/03/2024 10:00pm

NEWSBTC

The ongoing Bitcoin surge is proving lucrative for a crypto whale. According to Lookonchain data on March 13, one large BTC address has raked in $217 million in profits after prices rose above $73,000 earlier today. Profits would have even been higher because, over the past, the whale has been unloading large amounts via Binance, the world’s largest crypto exchange. This development follows Bitcoin’s solid growth. Since October 2023, the coin has been steadily rising, fueled by supportive fundamental events, including interest rate expectations from the United States Federal Reserve and the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). BTC Is Rallying, Whale Books $217 Million Profit Coupled by bullish holders, expecting more gains ahead and after halving, the coin has been rapidly inching higher, exceeding expectations. The previous all-time high of around $72,800 was broken on March 13 when the coin broke higher, rallying above $73,000. This expansion comes after a strong price correction in the New York session on March 12. However, with confidence still in the market, prices rallied strongly during the Asian market, pushing prices above $72,800 to as high as $73,700. Related Reading: Number Of Ethereum Short-Term Holders Increasing – Is A Bull Rally Next? While traders clipped fluctuations, the anonymous whale took full advantage of the rally after months of HODLing. Lookonchain data shows that the whale began accumulating Bitcoin on August 24, 2023, at an average price of $32,854, before withdrawing and depositing 4,300 BTC at an average price of $3,534. The address currently controls 4,300 BTC worth over $313 million and is $217 million in profits. The whale withdrew 100 BTC worth $7.22 million via Binance on March 13, possible to book profits. BlackRock And Wall Street Driving Bitcoin Demand Whether the whale will withdraw more and consolidate profits remains to be seen. However, considering the overall optimism across the market, the address could register more gains. The crypto community expects the deluge of capital from institutions to continue in the weeks ahead. So far, BlackRock, through its IBIT spot Bitcoin exchange-traded fund (ETF) product, controls over 205,000 BTC. There is more demand from other issuers like Fidelity and Ark Invest. Related Reading: Bitcoin Hodlers Eye Long Term: $520 Million BTC Go To Cold Storage Beyond that, the rising demand from pension funds, mainly in the United States, would further drive prices higher, lifting HODLers’ valuation. This week, the business intelligence firm MicroStrategy said it was also buying more coins after raising $800 million from investors. Feature image from DALLE, chart from TradingView

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