Given the lucrative opportunities offered by cryptocurrency trading, it is no surprise that well-timed trades can yield big profits for a smart investor, as evidenced by the recent example of a crypto trader who earned a whopping $15 million.
In fact, this particular investor sold 540 Wrapped Bitcoin (WBTC) at a price of $54,853 in the last two days, earning about $15.5 million, according to data shared by the blockchain analytics platform. Lookonchain in an X-Post on August 7th.
In fact, the first time this crypto trader made the purchase, between August 21 and 25, 2023, he bought 721 WBTC at a price of $26,191 per WBTC, or around $18.88 million. Almost a year later, the whale sold 540 WBTC for a profit of $15.5 million, effectively turning $18.88 million into $29.6 million.
In addition, this whale still has 181 WBTC in his crypto wallet, worth over $10 million at current prices, and he could wait to sell them at a higher price (which many analysts believe would certainly happen) and thus reap an even higher profit.
WBTC Price Analysis
As a reminder, Wrapped Bitcoin refers to the alternative version of Bitcoin (BTC) that allows its value to be transferred to another blockchain, through the concept introduced as a solution to the challenge of blockchain interoperability. In the case of WBTC, it follows the value of Bitcoin in a 1:1 ratio.
At press time, WBTC continues to follow Bitcoin’s price and is changing hands at $57,220, representing a 4.72% recovery in the last 24 hours. However, it has accumulated a 14.09% decline in the last seven days and a minor 0.02% decline is seen on the monthly chart.
All in all, this trader managed to make a significant profit from his carefully timed trades, although historical indicators suggest that he could have waited for the “super bull rally” of the largest asset in the crypto market, as well as its wrapped version, for even bigger gains.
Nevertheless, when investing, it is crucial to do your own due diligence, weigh all risks, and carefully research the token and all relevant data and news, especially in the crypto sector where trends can change spontaneously.
Disclaimer: The content of this website does not constitute investment advice. Investments are speculative. When you invest, your capital is at risk.
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