Bitcoin (BTC) Whale Trader Flagged by On-Chain Data Pulling Off 2 Successful Multi-Million Dollar Trades With Patient Trading

Lookonchain data shows the trader first bought 718 Bitcoin at an average price of $29,385 from Aug. 9 to Nov. 2, 2023

A Bitcoin BTC/USD whale trader has pulled off two successful multi-million dollar trades with patient trading, on-chain data shows.

On the first trade, the trader bought 718 Bitcoin at an average price of $29,385 from Aug. 9 to Nov. 2, 2023, and sold them at $41,953 from Dec. 15 to Dec. 18, 2023 for a total profit of $9 million, a 43% increase.

On the second trade, they bought 1,181 Bitcoin at an average price of $48,822 from Feb. 7 to May 13, and sold them at $66,792 on May 27 and June 20 for a total profit of $21.2 million, a 37% increase.

One positive trend for Bitcoin was noted by crypto trader Daan Crypto Trades, who stated that despite the "pain" of the slow bleed, altcoins are not experiencing double-digit percentage drops with every minor Bitcoin dump, as has been the case in the past.

He attributed this resilience to the steadiness of the ETH/BTC pair and the recent hardships endured by altcoins.

Daan Crypto Trades also noted that Bitcoin's sluggish decline is preventing altcoins from rising significantly. He suggested that supportive ETF flows could potentially boost the market, but lamented that these have also been experiencing outflows, offering no relief to the current situation.

The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-whale-trader-flagged-chain-data-pulling-successful-multi-dollar-trades-patient-trading.html

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