A notable increase in Bitcoin‘s value has occurred following the endorsement of several spot ETFs in the United States, with the premier cryptocurrency stabilizing above the $48,000 mark. This resurgence has seen savvy investors capitalizing on the surge, with one in particular reaping a profit in the millions.
Strategic Trading Nets Investor Hefty Returns
The on-chain analysis firm Look On Chain highlights the success story of an astute investor who transferred 300 Bitcoins, valued at $14.43 million, to a leading exchange and walked away with a $2.78 million gain in a mere three-week span.
The investor’s acquisition of 300 Bitcoins took place on January 23rd, amidst a dip below the $39,000 mark, positioning the purchase near the price’s nadir. This risky bet paid off handsomely as Bitcoin’s value rebounded significantly, crossing the $40,000 barrier and sparking an upward trend shortly thereafter.
Bitcoin’s Market Performance and Whale Movements
Despite a slight 0.41% decline in the past 24 hours, Bitcoin is holding strong at a value of $48,053, with a 1.22% spike in trade volume and an overall 12.43% growth over the past week, according to CoinMarketCap data. The coin has also experienced a 3.91% rise over the past month.
Prominent crypto analyst Ali Martinez has observed a surge in Bitcoin acquisitions by whales, who have snapped up 140,000 BTC valued at over $6.16 billion in just three weeks. Martinez underscores the significance of Bitcoin’s robust support levels, which may pave the way for overcoming upcoming resistance. While a minor price rollback could be in the cards, the next major resistance lies substantially higher, at the $57,000 level, potentially setting the stage for an even more vigorous rally.