As the leading cryptocurrency’s value continues to move in an upward trajectory, it does not fail to capture investor interest. Bitcoin whale who owned an astonishing 8,500 BTC recently hit millions of dollars in jackpot as Bitcoin’s price increased, an extraordinary feat in the crypto market.
Whale hits a jackpot
A platform for on-chain analysis called Lookonchain has published a report on a significant occurrence in the Bitcoin market that has to do with a whale. The Bitcoin price skyrocketed and this whale bagged a staggering $217 million jackpot in the process.
The whale started accumulating BTC from August 24, 2023 and subsequently withdrew 8,500 BTC valued at $279 million from Binance with an average price of $32,854 per BTC. In most cases, crypto exchange withdrawals are indicative of a desire to buy while exchange deposits might indicate a selling intent.
As of August 24 the whale owned 8,500 BTC. With the surge in Bitcoin’s price, the whale either deposited or sold 4,300 BTC valued at $183 million into Binance at an average price of $43,534 per BTC. It is also worth noting that the whale recently deposited or sold 100 BTC worth $7.22 million into Binance in order to capitalize on profits made.
Based on current rates the whale holds 4,300 BTC which is worth approximately $313 million, so $217 million in profit.
Even with 4,300 BTC in his wallet, there are still questions about his next move. Will they opt to cash out and secure their winnings, or will they continue holding in anticipation of further price increases? Only time will reveal the whale’s decision.
Bitcoin’s market condition
With Bitcoin’s (BTC) recent surge, it’s hit an all-time high (ATH) of $73,000 confirming that the coin is experiencing active price discovery. A notable aspect of this current upward trend is the increasing presence of retail HODLers, as indicated by recent data insights from crypto analytics platform Santiment.
Following an impressive peak of $72,000, bitcoin plunged to $68,900 within a short time frame, according to reports. As of press time, the leading currency is changing hands at $72,981.88 with a 10% surge over the past week. Additionally, the crypto fear and greed index shows 90 in dark green indicating extreme greed.
