The long-awaited spot Bitcoin ETFs in the U.S. were launched on January 10, prompting some crypto whales to take profits. A Bitcoin whale reportedly made a profit of approximately $75 million by selling Bitcoin shortly after the ETFs began trading.
The U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, which were listed and began trading on January 11. This triggered significant profit-taking activities among crypto whales, particularly in Bitcoin.
According to data from Spot On Chain, one crypto whale sold Bitcoin during the night and earned a profit of $75 million, indicating a return of about 41.5% on their investment.
The data shows that the whale transferred and sold 2,742 BTC valued at $127.7 million on the Binance exchange when the price was at $46,570. The whale’s initial purchase in October 2022 was worth $53 million, with a cost basis of $19,338 per Bitcoin.
Furthermore, the U.S.’s first spot Bitcoin ETFs exceeded expectations on their first trading day, with a cumulative trading volume surpassing $4.5 billion, outperforming the $4 billion anticipated by experts. Grayscale’s GBTC led the trading volume, followed by BlackRock’s IBIT and Fidelity’s FBTC.
