An Unknown Crypto Trader Makes Massive Profits Trading Wrapped Bitcoin (WBTC)
An unidentified crypto trader has made significant profits trading Wrapped Bitcoin (WBTC), according to blockchain tracking service Lookonchain. The trader, referred to as a “smart whale,” deposited 1,957 WBTC worth $74.6 million into Binance on Friday. WBTC is an ERC-20 token that allows traders to speculate on Bitcoin while remaining within the Ethereum ecosystem. The smart whale consistently purchased WBTC at low prices and sold at higher prices, resulting in over $24 million in profits. One wallet made $11.6 million, while two others made $6.3 million each.
Long-Term Dormant Wallet Participates in Ethereum ICO
Lookonchain also discovered a wallet that participated in the Ethereum initial coin offering (ICO) nearly 10 years ago. After three years of dormancy, the wallet transferred 20,000 ETH ($42.4 million) to another wallet, with 10 ETH eventually being deposited into Kraken exchange. This whale received 100,000 ETH during the genesis of Ethereum at an ICO price of approximately $0.31.
Hot Take: Crypto Trader’s Profits Highlight Potential Gains in WBTC Trading
The recent success of the unidentified crypto trader trading Wrapped Bitcoin demonstrates the potential profitability of WBTC trading. By strategically buying at low prices and selling at high prices, this trader managed to accumulate over $24 million in profits. This highlights the lucrative nature of WBTC trading within the Ethereum ecosystem and serves as an example for other crypto enthusiasts looking to generate substantial gains through strategic trading strategies.
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