Whale Invests $85M in Bitcoin After ETH Liquidation
- A wallet purchased 1,075.6 BTC at an average price of $79,412.
- The transaction incurred approximately $170,000 in swap fees via Thorchain.
- Previously, the wallet liquidated 50,600 ETH at $2,921 each, realizing a profit of around $19.02 million.
- With BTC trading near $77,200, the position is about $2.35 million underwater on paper.
- The wallet still holds $74.32 million in stablecoins for potential future trades.
After liquidating its ETH holdings for a significant profit and remaining inactive for eight months, a whale has re-entered the market by purchasing BTC. The move comes ahead of a potential Federal Reserve rate hike decision that could impact market dynamics.
Despite being currently underwater by about $2.35 million due to current BTC pricing, the whale’s actions are closely watched given their previous profitable trades and remaining stablecoin reserves of over $74 million available for further investments.(Source)
