How a Bitcoin (BTC) Whale Amassed $126M in Unrealized Profits in Less Than a Year: Details
TL;DR
- This is the story of a Bitcoin whale who started accumulating substantial portions of the largest cryptocurrency in January this year and currently sits on a massive unrealized profit worth more than $100 million.
- This is possible due to the price surge that BTC experienced this year, having soared from $20,000 to $37,000 within this timeframe.
BTC’s 2023 Price Surge
After the devastating 2022, in which BTC went through a massive price slump that brought it to below $16,000 due to geo-political conflicts, as well as many industry failures, the cryptocurrency entered the new year at around $17,000 with the hopes that 2023 will be entirely different.
The first few days were quite dull, but it all started to change in mid-January when BTC finally broke above the coveted $20,000 price line and never looked back despite a few retracements along the way.
A few months down the line, Bitcoin had reclaimed even $30,000, but that was short-lived at the time. It wasn’t until BlackRock’s spot Bitcoin ETF filing in June that BTC spiked above that level more decisively.
Nevertheless, another retracement followed that pushed BTC south to around $25,000, where the asset stood for weeks. October proved to be Uptober once again, and November has been quite bullish so far as well. Most recently, BTC registered its highest price tag in 18 months at $38,000.
BTC Whale’s Persistence
Amid this year-long rally, one Bitcoin whale used several opportunities to accumulate a massive BTC stack and currently sits on a substantial (unrealized) profit. Bitinfocharts data shows that their wallet was empty until January 17 (approximately the time when BTC broke above $20,000), when the accumulation spree began.
By the beginning of March, this address held almost 4,000 BTC. The next few months were quiet, with no substantial purchases, but the whale more than doubled their holdings after BlackRock’s filing.
After a few more months of standing on the sidelines, the anonymous investor started accumulating again in mid-October and currently owns over 14,500 BTC. Given the aforementioned Bitcoin price surge, the whale’s current profit exceeds $126 million, according to Lookonchain.
This whale started accumulating $BTC on Jan 17 and has accumulated a total of 14,599 $BTC($536.6M), the average buying price is ~$28,071.
The current profit has exceeded $126M!https://t.co/8tYyXtc4fg pic.twitter.com/e0GkyT9CIC
— Lookonchain (@lookonchain) November 10, 2023
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