November 27, 2023
An unknown crypto trader has been making waves in the market by trading Wrapped Bitcoin (WBTC) and earning substantial profits. This trader, referred to as a 'smart whale', has caught the attention of blockchain tracking service Lookonchain.
According to Lookonchain, the smart whale deposited 1,957 WBTC worth $74.6 million into Binance on Friday. WBTC is an ERC-20 token that is pegged to the price of BTC, allowing traders to speculate on Bitcoin while staying within the Ethereum ecosystem.
The smart whale has consistently bought WBTC at low prices and sold them at higher prices, resulting in impressive profits. One wallet made $11.6 million, while two other wallets made $6.3 million each. Wallet 0xC9c6 withdrew 1,744 WBTC ($48.15 million) from Binance between April 27 and June 14 at an average price of $27,613. Then, it deposited 1,744 WBTC ($59.76 million) to Binance from June 22 to November 24 at an average price of $34,270, making approximately $11.6 million in profits. Wallets 0xc1C7 and 0x5c98 also engaged in similar trading strategies, buying WBTC at low prices and selling them when the price was high, resulting in profits of around $6.3 million each.
In addition to the smart whale's trading activities, Lookonchain also discovered a wallet that had participated in the Ethereum initial coin offering (ICO) nearly 10 years ago. After three years of dormancy, this wallet suddenly became active and deposited 20,000 ETH ($42.4 million) to another wallet. Out of this amount, 10 ETH was eventually deposited to the crypto exchange Kraken. The wallet had received 100,000 ETH during the ICO, which had a cost of approximately $31,000.
The unknown crypto trader's success in trading Wrapped Bitcoin highlights the potential for significant profits in the cryptocurrency market. This trader's ability to consistently buy low and sell high demonstrates the importance of timing and market analysis. Additionally, the discovery of the Ethereum ICO participant's wallet serves as a reminder of the long-term potential of cryptocurrencies. Investors should stay informed and conduct thorough research before making any investment decisions in the volatile crypto market.
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