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Massive Bitcoin Whale With 8,500 BTC Hits Jackpot as Price Hits $73,000

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Wed, 13/03/2024 - 11:16
Massive Bitcoin Whale With 8,500 BTC Hits Jackpot as Price Hits $73,000
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Bitcoin, the pioneer cryptocurrency, continues to gain attention with its relentless surge in value, captivating investors worldwide. In a recent turn of events, the cryptocurrency market witnessed an extraordinary feat as a massive Bitcoin whale, who owned a staggering 8,500 BTC, hit millions of dollars in jackpot as Bitcoin's price rose.

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Lookonchain, an on-chain analytics platform, reports on a whale who struck a massive $217 million jackpot on Bitcoin as prices surged.

The whale began accumulating BTC on Aug. 24, 2023 and withdrew 8,500 BTC worth $279 million from Binance at an average price of $32,854. Withdrawals from cryptocurrency exchanges show an intention to buy, but deposits to cryptocurrency exchanges may signal an intent to sell.

According to the information provided, the whale owned 8,500 BTC as of Aug. 24, 2023. As Bitcoin's price increased, the whale deposited or sold 4,300 BTC worth $183 million into Binance at an average price of $43,534. A few hours ago, the whale deposited or sold 100 BTC worth $7.22 million into Binance again to take profits.

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The whale currently owns 4,300 BTC, which is worth $313 million at current rates, and has a total profit of $217 million.

With a massive stash of 4,300 BTC left, questions remain about the whale's next move. Will they cash out and take their winnings, or will they continue to hold on in anticipation of even higher valuations? Only time will tell.

Bitcoin hits new all-time highs above $73,000

Bitcoin has reached a new all-time high (ATH) of $73,709 (on Coinbase) against the U.S. dollar, ushering in price discovery and bringing investor sentiment closer to euphoria.

Numerous data points to a striking resemblance to previous ATH breakouts, with a wealth transfer from old HODLers to new investors and speculators already occurring.

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At press time, Bitcoin was changing hands at $73,254, up 1.74% over the past 24 hours. Bitcoin regained the $73,000 level after the bulls' first attempt at this level was foiled by the bears.

Bitcoin slipped nearly 6% shortly after reaching highs of $73,027 in Tuesday's trading session before the bulls regained control. 

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