Bitcoin Behemoth: Whale Accumulates $500 Million in BTC Year-to-Date, Holding Massive Unrealized Gains
A significant Bitcoin ($BTC) whale has acquired over $500 million worth of the leading cryptocurrency since the start of the year. Through their dollar-cost averaging strategy, they have managed to achieve unrealized profits exceeding $126 million.
The price of Bitcoin has surged by more than 120% in 2023, surpassing the $37,000 mark. This growth is partially driven by optimism surrounding the potential approval of BlackRock’s proposed iShares spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Earlier this year, when it was discovered that the ETF was listed on the Depository Trust & Clearing Corporation (DTCC), Bitcoin’s price experienced a surge as enthusiasm grew. Analysts believe that the listing is a step towards launching an ETF.
As the price of BTC continued to rise, the whale managed to accumulate 14,599 BTC at an average price of $28,071 per token. With the current price level, they are now sitting on an unrealized profit of over $126 million, according to on-chain analysis service Lookonchain.
Data from Bitinfocharts reveals that the whale’s wallet, which was empty until January 17, started filling rapidly. By early March, they had acquired almost 4,000 BTC, and their holdings more than doubled following BlackRock’s filing.
A recent report from Matrixport suggests that Bitcoin is now in its fifth bull cycle. The report includes a BTC price prediction targeting $125,000 by the end of next year. It concludes that the “end of October 2022 was the perfect entry time” and anticipates further gains as momentum grows. The firm also analyzed the potential impact of BlackRock’s spot Bitcoin ETF approval, suggesting that BTC could surge to $56,000.
A spot Bitcoin ETF would offer a regulated and mainstream investment vehicle for investors to gain exposure to Bitcoin without directly owning the cryptocurrency.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptoassets carries a risk of financial loss.