Bitcoin’s recent surge above $42,000 means many investors’ portfolios are green. However, large investors evidently enjoy more gains, given their sizeable exposure. This has proven true in the case of Bitcoin whale that netted approximately $26 million in profit in three tranches of transactions, as seen on the blockchain analytics platform BitInfoCharts.
Whale Bags $26M in Gains
Crypto whales are individuals or groups holding a substantial amount of a specific cryptocurrency. Buying or selling actions from the whale can sometimes impact the asset’s price.
In the case of the aforementioned crypto whale, on-chain data shows that they currently hold 3,000 BTCs (worth over $125 million) in their wallet. The wallet address received 6,000 BTCs between August 24th and September 2nd in batches of 300 BTCs from wallet addresses in the leading crypto exchange, Binance.
On October 18th, November 8th, and December 4th, the whale moved a total of 3,000 BTCs (worth over $105 million) back to Binance. Following the latest funds movement done earlier today, worth $41.4 million, the user has netted a profit of about $26 million.
With BTC’s price above $40,000, the crypto whale’s current 3,000 BTC portfolio sits at an unrealized profit of about $45.8 million.
BTC Reaches $42k
The month is off to a good start as Bitcoin’s price crosses the $40,000 price range. Within the last 24 hours, BTC has soared to a current trading price of $42,000, representing an impressive 6.2% increase. It also represents a 12.3% increase over the past week.
Source: CoinStats
Market experts believe that one of the factors that is contributing to BTC’s current bullish trends is the widely anticipated Bitcoin spot exchange-traded fund (ETF), a financial product that allows investors to gain exposure to BTC within the world of traditional finance (TradFi).
The United States Securities and Exchange Commission (SEC) is the regulatory agency responsible for approving U.S.-based TradFi companies to offer Bitcoin spot ETFs to U.S. investors. Presently, the financial authority has yet to approve the exchange-traded fund. But enthusiasts believe that a green light is around the corner.
