The new all-time high for Bitcoin on November 19 yielded a $6.85 million profit for a user, as noted by analysts at Lookonchain.
This guy chased the rally to buy $BTC and made another profit of $6.85M!
From Nov 6 to 8, he sold 619 $WBTC($46.44M) at $75,029 and made $8.85M!
But he sold it too early, and $BTC quickly broke through $80,000.
So he bought 562 $WBTC($45.46M) back at $80,895 and sold 562… pic.twitter.com/mgv4e0OunM
— Lookonchain (@lookonchain) November 20, 2024
From November 6 to 8, the trader sold 619 WBTC ($46.44 million) at $75,029, earning $8.85 million. However, shortly thereafter, Bitcoin prices surpassed the $80,000 mark.
The user then repurchased 562 WBTC ($45.46 million) at $80,895 and sold them on November 19, when the price of the leading cryptocurrency reached $93,050, for $52.3 million. This resulted in a $6.85 million profit.
At the time of writing, digital gold is trading at $93,467, according to CoinGecko.
Earlier, analysts at Glassnode stated that Bitcoin has yet to reach levels where hodlers are taking profits.