May 30, 2024

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Sleeping Bitcoin whale wakes up with 230,000% profit

Sleeping Bitcoin whale wakes up with 230,000% profit

The world of cryptocurrencies is always full of action, but sometimes some action really stands out. The Bitcoin (BTC) market recently experienced such a moment: a large “sleeping” Bitcoin whale woke up from a deep hibernation after only 10 years and achieved a truly ridiculous return.

Bitcoin ETFs posted record trading in March, but started April on a weak note

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Bitcoin whales are waking up

The investor in question had owned approximately 4,300 bitcoins for about a decade, purchased at an average price of less than $30 each. It is almost impossible to imagine such a price for 1 BTC today. This investor recently transferred a small portion of his holdings, 246 Bitcoin, worth approximately $17 million at the current market price.

This transaction is the first transfer of this particular wallet in over a decade and actually represents an amazing return on investment (ROI) of 230,000% since 2013. Moves like this show once again that patience is the last thing in the cryptocurrency market.

The whale in question has a lot of bitcoins in its wallet. In total, his portfolio is worth $115 million, whereas in 2013 he would have paid just $125,000 for 4,272 bitcoins.

Impact of whales on the market

In addition, there was another big one Purchase noted By another investor who bought approximately 114 bitcoins, worth $7.85 million. This buyer has been buying heavily in the past month, with total purchases of 1,308 BTC since March 6.

The fact that whales are buying to this extent is a positive sign for the price of Bitcoin and the broader cryptocurrency market. It is whales that can have a huge impact on the price of BTC. After all, they have such deep pockets that they can buy thousands of bitcoins in one fell swoop. Such purchases can cause the price to rise.

However, the price is still less than $70,000. This means that the desire to buy is not great enough to break this level. We are seeing money flowing into Bitcoin ETFs again. We may soon see a new shift in whale sentiment, among others, with a potential increase higher than the previous peak. Time will tell.

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