A Bitcoin trader sold a large amount of BTC and made a large profit after holding it for two years.
Over the weekend, Bitcoin soared above the $66,000 level, continuing its upward trajectory from previous gains. However, by Monday, the market had experienced a notable change.
Within a few hours, Bitcoin's The price fell $2,000 and returned to $64,200. This sudden correction came after several days of sustained growth, with assets exceeding $65,000 before the drop.
Despite this decline, Bitcoin's long-term price performance remains impressive. Notably, this cryptocurrency has surged 136.2% over the past year, delivering big gains to long-term holders.
Traders take advantage of Bitcoin profits
One trader in particular made a huge profit from Bitcoin's year-over-year rise. According to data From Lookonchain, the trader sold 265.89 BTC, worth $17.5 million, realizing a profit of $11.28 million.
This sale took place today after Bitcoin's sharp sell-off and shows that traders strategically took advantage of Bitcoin's early gains. This trader originally bought 265.89 BTC two years ago for $23,443 each and sold for a profit of 181%.
This case is not unique. Other long-term holders are also starting to benefit. For example, a September 20th report notes that miner wallets that had been inactive for over 15 years moved a total of 250 BTC, worth approximately $15.9 million. These wallets received 50 BTC per block as mining rewards in 2009, when the price of Bitcoin was just $0.0009.
Holder profitability indicators
analysis The IntoTheBlock article highlights that a significant portion of Bitcoin holders are still profiting. According to the “Global In/Out of the Money” indicator, most Bitcoin addresses acquired the cryptocurrency at a price below the current level of $63,318.82. The majority of holders benefited from the increase in Bitcoin price over time, purchasing between $18,986 and $51,156.
Conversely, there will be fewer addresses holding Bitcoin at a loss, as indicated by the red zone in the analysis. These addresses acquired Bitcoin at prices between $62,010.99 and $72,500.92, making them unprofitable considering the current market value.
Notably, many of these buyers entered during Bitcoin's peak, but are still losing money as the current price is still low.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
