While the expectations for the approval and subsequent opening of spot Bitcoin ETFs increased the BTC price above $ 48,000, whales took advantage of this rise and sold.
According to Lookonchain's post, a whale selling Bitcoin earned approximately $74 million after spot ETF approval.
Accordingly, the whale, who accumulated BTC from October 2022 to December 2023, collected 2,742 Bitcoins from Binance.
The whale, who collected Bitcoins at an average cost of $19,337, deposited all BTC on Binance after the spot ETFs opened for trading.
Whale earned more than $74 million from this BTC trade.
“A whale deposited his entire 2,742 BTC (worth $127.5 million) to Binance to make a profit after the Bitcoin spot ETF opened trading.
Whale withdrew 2,742 BTC (worth 53 million) from Binance between October 7, 2022 and December 29, 2023. BTC average price is $19,337.
Profit exceeded 74 million dollars!”
Bitcoin is at $46,016 at the time of writing.
*This is not investment advice.