An unknown crypto trader has been spotted on-chain clocking massive profits trading Wrapped Bitcoin (WBTC).

According to blockchain tracking service Lookonchain, three wallets belonging to one “smart whale” deposited 1,957 WBTC worth $74.6 million into Binance on Friday.

WBTC is an ERC-20 token pegged to the price of BTC, allowing traders to speculate on Bitcoin while staying within the Ethereum ecosystem.

Lookonchain says that the deep-pocketed entity consistently bought WBTC at low prices and sold higher, making over $24 million in WBTC profits, with one wallet making $11.6 million and two others making $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 deposited 1,744 WBTC ($59.76 million) to Binance from Jun 22 to Nov 24 at an average price of $34,270, making ~$11.6 million…

Wallets 0xc1C7 and 0x5c98 bought and sold WBTC at the same time and always bought when the price was low and sold when it was high.

Both two wallets made ~$6.3 million.”

Source: Lookonchain/X

Lookonchain also recently spotted a wallet that participated in the Ethereum initial coin offering (ICO) nearly 10 years ago. According to the firm, the entity “woke up” after three years of dormancy to deposit 20,000 ETH to another wallet with 10 ETH eventually going to the crypto exchange Kraken.

“An Ethereum ICO participant woke up after three years of dormancy and transferred 20,000 ETH ($42.4 million)… of which 10 ETH was deposited to Kraken.

This whale received 100,000 ETH(the cost is ~$31,000) at the GENESIS of Ethereum, the ICO price is ~$0.31.”

Source: Lookonchain/X

Generated Image: Midjourney

The post Crypto Whale Profits Over $24,000,000 in Masterful Wrapped Bitcoin (WBTC) Trading: On-Chain Data appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 26, 2023 9:12 pm