Category: Forex News

Bitcoin Whale Sits on $900 Million Profit After Grabbing Big BTC Chunk in 2022

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Recent on-chain data shared by the @lookonchain analytics platform on the X/Twitter app describes a smart whale who bought over a billion USD worth of Bitcoin two years ago and is now sitting on a hefty unrealized profit.

Meanwhile, the price of the world’s flagship cryptocurrency, BTC, has demonstrated a slight decline of 1.73%, dropping below the quickly taken $62,000 level in the past 24 hours.

Whale sits on $900 profit from holding Bitcoin

A tweet published by the aforementioned source earlier today says that a smart whale purchased a massive $1.39 billion worth of Bitcoin in July 2022, paying $21,629 per BTC on average.

Now that, since the start of 2024, the Bitcoin price has surged by roughly 50% and surpassed the $62,000 level briefly earlier this week, this whale has an unrealized profit of more than $900 million from the Bitcoin he holds.

Overall, whales continue to accumulate Bitcoin, while the price has dipped a little, going below $62,000. The same source as above has reported that over the past hour, a fresh Bitcoin wallet acquired 2,475 BTC from the Binance exchange. This amount of BTC worth $153.66 million has turned this wallet into a whale.

According to Whale Alert cryptocurrency tracking platform, a massive 6,034 Bitcoin evaluated at $374,502,788 were transferred between anonymous whales approximately 12 hours ago. Several large Bitcoin chunks were also the largest U.S.-based cryptocurrency exchange Coinbase and its institutional platform.

Bitcoin ETFs acquire close to billion in BTC

@lookonchain also published an update on Thursday about Bitcoin acquisitions made by the spot Bitcoin ETFs. On Feb. 29, eight of the eleven approved funds laid their hands on a whopping 14,934 BTC worth $940 million.

BlackRock and Fidelity are again the leading purchasers here – the former bought the largest lump of 10,140 BTC (worth $638 million), and the latter grabbed 4,066 BTC (worth $255.9 million). Basically, nearly the whole amount that went into spot-based Bitcoin ETFs yesterday was received by just two of these exchange-traded funds. Grayscale continues to sell its Bitcoin, and yesterday, it got rid of 2,223 BTC – the equivalent of $139.8 million. VanEck purchased 170 BTC. Bitwise ETF acquired 164 BTC.

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