Bitcoin Whale Sells 199 BTC ($13.55M) After Five Years, Netting Huge Profits

A Bitcoin whale has sold a significant portion of their holdings after five years, netting huge profits in the process.

A Bitcoin whale has sold a portion of their holdings for the first time in five years, netting a huge profit in the process.

According to data from Lookonchain, the whale sold 199 BTC ($13.55 million) recently. This marks the first sale of any kind from the wallet since acquiring the holdings five years ago.

At the time, the whale withdrew 801 BTC from HTX at a price of $10,297 per coin, for a total of $8.25 million. The whale had sold 500 BTC from the wallet last month, leaving it with 301 BTC, currently valued at $20.42 million.

A diamond hand sold 199 $BTC($13.55M) for profit again 1 hour ago.

This guy withdrew 801 $BTC($8.25M) at $10,297 from #HTX 5 years ago and sold 500 $BTC($32.13M) in the past month.

He currently holds 301 $BTC($20.42M), with a total profit of $44.28M!

Address:… pic.twitter.com/DyXhf7BN1x

— Lookonchain (@lookonchain) October 18, 2024

As a result, the whale has now earned a total profit of $44.28 million from both the sold and unsold coins. Despite the profitable sale, the coin’s price continues to consolidate.

Bitcoin Price Consoldiates

Bitcoin, which has gained around 10% over the past seven days, is currently trading at $68,458, per Coingecko data. Over the past several months, Bitcoin has been trading within a downward-sloping channel after setting a new peak price of $73,800 in March.

Analyst Rekt Capital noted that Bitcoin’s recent rejection from the top of the downtrend channel isn’t an isolated case, with previous attempts following a similar pattern. He highlighted the importance of a weekly close within the red resistance zone to avoid a deeper rejection.

According to Rekt Capital, a failure to close within this range could lead to further price declines.

BTC/USD 1-week chart. Source: Rekt Capital/X

Institutional Demand Surges

Meanwhile, institutional demand for the leading digital asset continues to be strong. According to Vetle Lunde, a senior analyst at K33 Research, global BTC investment vehicles have seen net yearly inflows of 360,000 BTC.

Thus, they’re on track to surpass Grayscale’s record of 373,000 BTC from four years ago. This surge in demand has been accompanied by record levels of capital inflows into Bitcoin-related investment products, with US spot Bitcoin ETFs alone reaching a total of $20 billion in net flows.

Bitcoin ETF netflows. Source: Vetle Lunde/X

With institutional interest at record highs and miner earnings continuing to improve, the leading cryptocurrency’s dominance in the crypto market will continue to soar even as price movements remain limited.

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