CandleFocus Whale cashes on $28.5M WBTC as US Court Greenlights $6.5 Billion Bitcoin Sale
2025-01-10
Author: Content Editor
A whale in the crypto market deposited 300 WBTC (worth $28.5 million) to Binance and earned a profit of $9.98 million by selling the tokens before news broke out of the US government authorizing Bitcoin sales. The whale has been trading WBTC since March 2023, often buying low and selling high. They currently hold 195 WBTC valued at $18.4 million on Aave, with an estimated total WBTC profit of $33.7 million. The whale's selling behavior indicates caution among large holders, potentially preparing for volatility as they await signals from policymakers. The drop in Bitcoin's price is due to the Fed's hawkish signals and news of the DOJ selling Bitcoin seized from Silk Road, which has caused selloffs across the cryptocurrency market. The DOJ plans to sell around 69,370 Bitcoin worth $6.5 billion, putting selling pressure on BTC. This sale also dashed hopes of the DOJ depositing its BTC holdings into a Bitcoin strategic reserve as suggested by President Donald Trump. Bitcoin is currently trading at $93,512.07, down 2.2% from the previous day.
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