The third-largest Bitcoin whale, which sold 1,500 BTC for $54,300, was the third-largest Bitcoin whale. During the current surge above $50K, the company has made substantial gains.
According to CoinGecko statistics, bitcoin’s price has increased by about 23% in the last seven days. It’s been a significant rise in a short period, and the third-largest Bitcoin whale has decided it’s time to cash in.
According to Bitinfocharts, the third-largest Bitcoin address now owns about 108,265 BTC.
However, it looks that the whale entity has chosen that now is the moment to make some money or at least decrease his risk.
Today, the address sold 1,500 BTC for $54,300 in a deal worth over $81.5 million.
This was observed by a CryptoQuant researcher, who noted that since the drop in early September at $45k/BTC average, this whale purchased 4,980 BTC, selling 4,500 of them for a total profit of $28.5 million.
Daniel Joe had this to say about the situation:
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 the risk to break even or realize a small profit. Still, minor selling as the whale is a net buyer.
Indeed, this was just a small portion of the whale’s total assets.
During the September slump, the address purchased about $13 million worth of BTC for $40.5K.
The corporation went on a purchasing spree at the time, adding bitcoin worth $170 million in only two weeks.