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.