A Crypto Whale Makes $13M Profit Trading Bitcoin and Ethereum
A cryptocurrency whale managed to make over $13 million by trading Bitcoin and Ethereum, avoiding altcoins in cryptocurrency success stories. Lookonchain analysis service revealed the whale bought 8,683 ETH at $1,671 and 541 Wrapped Bitcoin at $28,616 using 30 million USDC tokens, and then sold all their WBTC and ETH holdings for around $43.3 million, securing a significant gain on their investment.
DeFi and Tokenized Bitcoin
Wrapped Bitcoin is a tokenized version of Bitcoin on the Ethereum ecosystem, launched in early 2019. Each token is backed one-to-one by Bitcoin and can be used on Ethereum’s DeFi ecosystem. This allows traders to use WBTC on Ethereum’s DeFi ecosystem, impacting the market in a significant way.
Altcoin Successes in the Crypto Market
While some are seeing success in the crypto industry by using altcoins, a trader managed to turn $10,000 into a $1 million stash in 10 days by taking advantage of a small change in the profile of X CEO Elon Musk. By using moves based on Musk tweets, the trader managed to make over $1 million while trading cryptocurrencies.
Hot Take: Success in the Cryptocurrency Market
The cryptocurrency market is a volatile space, and investors can find various ways to make profits. In this case, whales and traders have found success by leveraging Bitcoin and Ethereum, and using altcoins to their advantage. This goes to show the potential for significant gains in the market through strategic trading.
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