A popular crypto whale has recently awakened from dormancy to reap significant profits. As per Spot On Chain, the whale has deposited up to 612 $BTC to Binance to potentially gain $34 million in return, highlighting the precise timing and realization of gains. He has made this decision after Bitcoin fell 8% in 4 days. It looks like the whale is fearing Bitcoin to fall more in the coming days hence he has realized the profit through Binance. The on-chain analytics provider took to social media to provide the details of this whale activity.
Reawakened Whale’s Deposit of $57.6M in Bitcoin to Binance Denotes $34M in Potential Profit
Spot On Chain asserted that the whale deposited nearly $57.6M in $BTC to Binance a few hours back. This move took place during Bitcoin’s market peak, indicating the whale’s strategic development to make massive profit realization. In line with the on-chain data, the whale formerly extracted 650 $BTC from Binance. These withdrawals occurred in January 2024 and April 2023. At those points, Bitcoin was changing hands at nearly $38,331 for each coin. In this respect, the whale obtained $BTC at a comparatively low price, leading to substantial profits.
The recent deposit of the whale parallels Bitcoin’s top price of almost $94,117, likely denoting a lucrative exit strategy. On selling the whole 612 $BTC at the respective price level, the whale would potentially have realized approximately $34.14M. This figure accounts for a huge gain of 146% within just a couple of years. The calculation signifies the price difference between the purchasing and selling spots, showing the strategic anticipation to timely capitalize on the market.
Whale Activity Indicates Likely Impact on Liquidity, Trader Sentiment, and Price Volatility
According to Spot On Chain, such transfers by crypto whales often get attention based on their likely impact on the wider market dynamics. Such a whale activity can impact the liquidity, trader sentiment, and price fluctuations. The dormant whale’s transfer suggests the dynamic market movements. With the continuous evolution of the crypto, such major whale actions will keep grasping attention of the market onlookers and traders alike.
