Bitcoin Whale Sees $217 Million Profits After BTC Breaks $73,000

bitcoin's current surge is proving lucrative for a crypto whale. According to Lookonchain data On March 13, a large btc address made $217 million in profits after prices rose above $73,000 today. The profits would have been even higher because, in the past, the whale has been dumping large amounts through Binance, the world's largest cryptocurrency exchange.

This development follows the strong growth of bitcoin. Since October 2023, the coin has risen steadily, driven by favorable fundamental events, including the US Federal Reserve's interest rate expectations and the approval of spot bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). ).

btc Rallying, Whale Earns $217 Million Profits

Along with bullish holders, who expect more gains in the future and after the halving, the coin has been rising rapidly, exceeding expectations. The previous all-time high of around $72,800 was surpassed on March 13 when the coin rose further, surpassing $73,000.

This expansion comes after a sharp price correction in the New York session on March 12. However, with confidence still in the market, prices rose sharply during the Asian market, pushing prices above $72,800 to $73,700.

As traders trimmed fluctuations, the anonymous whale took full advantage of the rally after months of HODLing. Lookonchain data shows that the whale began accumulating bitcoin on August 24, 2023, at an average price of $32,854, before withdrawing and depositing 4,300 btc at an average price of $3,534.

Management currently controls 4,300 btc worth over $313 million and generates $217 million in profits. The whale withdrew 100 btc worth $7.22 million via Binance on March 13, and profit is possible.

BlackRock and Wall Street drive demand for bitcoin

It remains to be seen whether the whale will withdraw more and consolidate its gains. However, considering the general optimism across the market, management could book further gains.

The crypto community expects the flood of capital from institutions to continue in the coming weeks. So far, BlackRock, through its IBIT Spot bitcoin exchange-traded fund (ETF) product, controls more than 205,000 btc. There is more demand from other issuers such as Fidelity and Ark Invest.

Beyond that, the growing demand from pension funds, mainly in the United States, would drive prices up even further, raising the valuation of HODLers. This week, business intelligence firm MicroStrategy said it was also buying more coins after raising $800 million from investors.

Featured image of DALLE, TradingView chart

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