Given the lucrative opportunities offered by the cryptocurrency trading environment, it is no surprise that carefully considered trades can yield big profits for the smart investor, as seen in the recent example of a crypto trader making a whopping $15 million.
It just so happens that over the past two days, this particular investor sold 540 Wrapped Bitcoin (WBTC) at a price of $54,853, making around $15.5 million on the sale, according to data provided by the blockchain analytics platform. Lookonchain in post X from August 7.
Indeed, during the initial purchase, this crypto trader bought 721 WBTC at a price of $26,191 per WBTC, or about $18.88 million, between August 21 and August 25, 2023. Almost a year later, the whale sold 540 WBTC for a profit of $15.5 million, effectively turning $18.88 million into $29.6 million.
On top of that, this whale still has 181 WBTC left in his crypto wallet, which at current prices is worth over $10 million, which he could sell at a higher price (which many analysts believe will likely happen) and thus make an even bigger profit.
WBTC Price Analysis
As a reminder, Wrapped Bitcoin refers to an alternative version of Bitcoin (BTC) that allows its value to be transferred to another blockchain through a concept introduced as a solution to the blockchain compatibility problem. In the case of WBTC, it tracks the value of Bitcoin on a 1:1 basis.
At press time, WBTC continues to match the price of Bitcoin, trading at $57,220, representing a 4.72% retracement over the past 24 hours, although it is accumulating a 14.09% decline over the previous seven days and recording a minor 0.02% drop on its monthly chart.
All things considered, this trader managed to make a significant profit from his carefully calculated trades, although historical indicators suggest that he could have waited for a “super bull run” in the largest asset in the cryptocurrency market, as well as its wrapped version, to make even more substantial profits.
However, when investing, especially in the cryptocurrency sector where trends can change at any moment, it is extremely important to exercise due diligence, weigh all the risks, carefully study the token and all relevant data, as well as any relevant news.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
