A cryptocurrency whale has managed to make over $13 million by trading the two leading cryptocurrencies, Bitcoin ($BTC) and Ethereum ($ETH), over time, seemingly avoiding risking their funds on altcoins that are often seen in cryptocurrency success stories.
According to on-chain analysis service Lookonchain, the cryptocurrency whale spent 30 million USDC tokens to buy 8,683 ETH at $1,671 back in September 2022, before the cryptocurrency started recovering. Part of the USDC was also used to buy 541 Wrapped Bitcoin (WBTC), in March 2023 at $28,616 per token.
Wrapped Bitcoin is a tokenized version of the flagship cryptocurrency on the Ethereum ecosystem. WBTC was launched in early 2019, and each token is backed one-to-one by Bitcoin. Being tokenized on Ethereum allows traders to use WBTC on Ethereum’s decentralized finance (DeFi) ecosystem.
According to Lookonchain, over the past month the cryptocurrency whale sold all of their WBTC and ETH holdings for around $43.3 million, securing a significant gain on their investment.
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Other cryptocurrency investors seeing success are often doing so with the use of altcoins. As CryptoGlobe reported, a trader has managed to turn $10,000 into a $1 million stash in just 10 days, taking advantage of a small change in the profile of X CEO Elon Musk, who wrote “(CTO) Chief Troll Officer) on his profile.
he trader, seeing the move, withdraw 4.313 ETH tokens from leading cryptocurrency exchange Binance, worth around $10,100, and spend 4.3 ETH to buy 19.37 tokens of the $TROLL cryptocurrency.
The trader later on sold 9.37 trillion tokens for 5.318 ETH, worth around $12,400, to get a return on their investment, and is now still holding onto 10 trillion tokens worth over $1 million.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2024/01/crypto-whale-makes-over-13-million-trading-just-bitcoin-btc-and-ethereum-eth/
