After 5 years, a previously dormant Bitcoin Whale has reappeared to make hefty profits. A $30 million investment turned into $535M. On June 11, the whale moved 8,000 BTC from a Binance account to become active. The investor can make over $500,000,000 in profit if they sell at the current price.
Lookchain data shows that according to the Bitcoin address The average dollar cost was $3.810 when I bought 8,000 BTCs on 6 December 2018. Mathematically, it would be a $30M investment. Bitcoin has seen a recent increase in value, reaching new highs after the ETF was approved. This is resulting in huge profits for investors and Bitcoin whales.
Sending assets to a cryptocurrency exchange usually indicates an intent to sell, or realize a five-year profit. The whale’s true intentions may not be known yet but the potential reward is.
![Whale swimming with bitcoin](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-Whale-Returns-Turns-30M-Into-535M-In-5-years.jpg)
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Bitcoin was trading at $66,462.30 as of the time this article went to press. This whale has made a profit despite the fact that the asset was down 4% within 24 hours. The asset was not even $15,000 when the whale bought their Bitcoins in December 2018. Three months before, in fact, Bitcoin’s first hard fork was only three weeks old. In January 2024, the SEC approved Spot Bitcoin Exchange Traded Funds. This sent the asset into record-breaking highs. The whale can inspire many other investors to invest.
It is likely that this won’t be the only Bitcoin whale who returns from dormancy into exponential profit.
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Source: watcher.guru