Crypto investors are preparing for a potential bull market following the expected approval of a spot Bitcoin ETF, actively pursuing altcoins they believe will yield high returns. A smart investor class, highlighted by on-chain data provider Spot On Chain, has been noted for their strategic trading moves.
Spot On Chain reported that a savvy investor with a wallet starting with 0xfc9… traded Render (RNDR) for Lido DAO (LDO) on Coinbase, securing a profit of $8.95 million. The investor deposited 750,000 RNDR at $4.01 each and withdrew 450,000 LDO at $3.33 each, totaling $1.5 million.
The timing of this trade was critical as RNDR’s price fell by around 10% in the last 24 hours, while LDO’s value rose over 5%, showcasing the strategic depth of the investor’s move.
An analysis of the investor’s wallet transactions revealed trades in 9 different altcoins, including FET, AAVE, ENJ, LINK, RNDR, LDO, FTM, LRC, and MATIC, with profits made on 6 of them, indicating a success rate of 66.7%.
The term “smart investor” in the crypto market refers to those who invest in cryptocurrencies with awareness, research, strategy, and risk management. They follow market trends, use fundamental and technical analysis to evaluate assets, and diversify their portfolios to mitigate risks and optimize the risk-reward ratio before investing.