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A Bitcoin (CRYPTO: BTC) smart money investor pocketed over $30 million with only two trades and recently deployed more capital for a third Bitcoin trade.
What Happened: Lookonchain data shows a whale investor who made $30 million with two Bitcoin purchases in a year. From August 9 to December 18, 2023, the investor bought 718 BTC at $29,385 each and sold at $41,953, netting a profit of $9 million.
In the second trade, the investor bought 1,181 BTC between February 7 and June 20 at $48,822 each, selling at $66,792 for a profit of $21.2 million.
The same investor purchased 245 BTC worth approximately $15.98 million a few hours ago.
Also Read: Are Bitcoin, Ethereum Back In Bull Mode? These 2 Scenarios Decide, Says Trader
Why It Matters: The investor’s track record of buying BTC at low prices and selling at peak values make their trades worth paying attention to. These strategies underscore the profitable strategic trading in the volatile cryptocurrency market can be.
Crypto chart analyst Ali Martinez, in his latest post, noted that Bitcoin is trading within an ascending parallel channel. He predicts that if BTC holds a $65,200 support level, there is a 3% increase in-store towards $67,300.
On the other hand, crypto trader Cold Blooded Shiller sees a little bear divergence developing on Bitcoin and is looking to significantly accumulate at $62,300 if the opportunity arises.
IntoTheBlock data shows around 89% of Bitcoin holders in profit and 4% at breakeven.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $BTC
