Realizing Profits or Reducing Risk? Third-Largest Bitcoin Whale Just Sold 1,500 BTC at $54.3K
Over the past seven days, bitcoin’s price is up by roughly 23% according to data from CoinGecko. It’s a considerable advance in a relatively short amount of time, and the third-largest BTC whale has decided it’s time to take some profits.
The third-largest Bitcoin address currently holds around 108,265 BTC according to Bitinfocharts.
It appears, though, that the whale entity has decided that it’s time to realize some profits or to reduce his risk to an extent.
The address disposed of 1,500 BTC at $54,300 today in a trade worth almost $81.5 million.
This was noted by a CryptoQuant analyst, who pointed out that “this whale bought 4,980 BTC since the dip in early September at $45k/BTC average, he has since sold 4,500 of them and realized a total profit of $28.5M.”
Commenting on the matter was CryptoPotato analyst Daniel Joe, who said:
I think we can expect some more selling, especially with BTC heading into the 55k to 58k range. The whale bought 15,227 Bitcoin between 50k to 58k earlier, so I think they will be reducing risk to break even or realize a small profit. Still minor selling as the whale is a net buyer.
Indeed, this was just a tiny fraction of the whale’s overall holdings.
As CryptoPotato reported earlier, the address has recently bought roughly around $13 million worth of BTC at $40.5K dduring the dip in September.
As a matter of fact, the entity went on a buying spree back then and added bitcoin worth a total of $170 million in two weeks.
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