The decline in Bitcoin and altcoins, which started after the tension between Iran and Israel at the weekend, continued during the week and BTC dropped below $ 60,000.
While this decline made some investors nervous and caused them to stay away from the market, some investors turned the decline into an opportunity and increased their purchases.
Lookonchain also shared two whales that turned the decline into an opportunity.
Accordingly, the whale, which has collected a total of 3,760 BTC worth approximately $ 242.55 million since March 21, again made a significant purchase from Binance. Finally, the average purchase price of the whale, who bought 300 BTC worth $ 18.26 million from Binance, was $ 64,508.
Lookonchain also announced that a trader who was successful in Bitcoin trading made another WBTC purchase. Accordingly, this trader, who was successful in buying low and selling high, turned the decline into an opportunity and spent 30.76 million DAI to buy 500.68 WBTC at $61,436.
“This trader is very smart; he always buys WBTC at low prices and sells at high prices.
He made a profit of $21.04 million from WBTC trading!
Finally, on March 15, he sold 500 WBTC at $67,283 for 33.64 million DAI, making a profit of $16.78 million.
And 3 hours ago, he spent 30.76 million DAI for 500.68 WBTC to buy it back at a lower price.
The whale currently holds 1,153 WBTC (worth $71.72 million) and its unrealized profit is $35.7 million.”
Evaluating this accumulation tendency of whales, analysts said that this accumulation is a strategic “buying the dip” opportunity used by conscious investors in response to market declines.
WBTC continues to trade at $62,351 at the time of writing.
A trader spent 30.76M $DAI to buy 500.68 $WBTC at $61,436 3 hours ago.
This trader is very smart, buying $WBTC at low prices and selling at highs every time.
He has realized a profit of $21.04M!
1/ Let’s dig into his trades.👇 pic.twitter.com/px7zJ5zLoC
— Lookonchain (@lookonchain) April 18, 2024
*This is not investment advice.
