Bitcoin whales have realized a profit of 345,000 USD after exchanging 55 BTC for Ethereum.
On-chain data recorded that whales opened a position of 67.98 WBTC at the bottom of 102,274 USD on June 24 and sold at a price of about 108,547 USD, resulting in a trade involving 2,293.8 ETH, worth nearly 6 million USD.
MAIN CONTENT
Bitcoin whales bought WBTC near the bottom of June and executed a trade to exchange it for ETH.
The realized profit reached 345,000 USD from selling WBTC at a higher price.
How did Bitcoin whales start trading in June 2024?
Observations from on-chain data show that Bitcoin whales opened a position of 67.98 WBTC at a price of 102,274 USD on June 24, 2024, right when the price of Bitcoin hit the monthly bottom.
This is a strategic move to take advantage of the upcoming recovery trend of BTC, demonstrating a deep understanding of the cryptocurrency market by the whales.
How much is the profit realized from this transaction?
Whales sold 55 BTC at an average price of 108,547 USD/BTC, generating an estimated profit of about 345,000 USD compared to the initial purchase price.
This figure shows that taking advantage of the low point on June 24 has yielded attractive profit margins despite market fluctuations.
"This trading strategy shows that whales maintain a long-term vision, flexibly coordinating between Bitcoin and Ethereum to optimize profits."
Market analysis by Mr. Nguyen Van Tan, financial expert, July 2024
What does the conversion from BTC to ETH mean in the whales' strategy?
The fact that whales exchanged 55 BTC for 2,293.8 ETH worth nearly 6 million USD reflects a portfolio diversification strategy, taking advantage of Ethereum's strong growth potential.
Whales tend to optimize assets by moving between key tokens, minimizing risks while increasing profit opportunities.
How does price volatility affect the whales' strategy?
By accurately observing the bottom and realizing profits when the price rose to 108,547 USD, the whale affirmed its trend analysis capabilities and effective risk management in the highly volatile cryptocurrency market.
Asset Type Transaction Amount Purchase Price (USD) Selling Price (USD) Estimated Profit (USD) WBTC (Tokenized Bitcoin) 67.98 WBTC 102,274 USD 108,547 USD 345,000 USD Real BTC 55 BTC 102,274 USD 108,547 USD Corresponding profit from WBTC Ethereum (ETH) 2,293.8 ETH Trade exchange from BTC – –
What are the key factors affecting the trading decisions of whales?
Whales often rely on technical analysis, on-chain data, and market trends to make the most effective portfolio restructuring decisions.
"Applying on-chain analysis helps whales optimize buying and selling points, avoiding large risks in a highly volatile market."
Mr. Tran Minh Hoang, CEO of a Blockchain data analysis company, June 2024
Is this trading model common in the cryptocurrency market?
The alternating trading activity between BTC and ETH is often used by whales or large institutions to protect capital and gain profit in a highly volatile environment.
Frequently Asked Questions
Who are Bitcoin whales? They are individuals or organizations that hold a large amount of Bitcoin and can influence the market when trading.
Why do whales convert BTC to ETH? To diversify their portfolio, reduce risk, and take advantage of profit opportunities in other assets.
What does on-chain data help investors with? It provides transparent information about cash flow, trading behavior, helping to predict market trends more accurately.
Does realized profit depend on the timing of the transaction? Very much, choosing the right time to buy at the bottom and sell at the top is a key factor determining profit or loss.
How is trading WBTC different from regular BTC trading? WBTC is BTC tokenized on the Ethereum platform, making it easy to exchange on DApps and DeFi.
Source: https://tintucbitcoin.com/ca-voi-doi-55-btc-lay-eth/
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