A whale recently sold 50 WBTC on Binance, securing $5.9 million in profits from a total 1,495 WBTC holdings acquired via circular lending between July and November 2024.
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Whale accumulated 1,495 WBTC worth $103 million through circular lending in late 2023.
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Since March 2024, the whale has sold 923 WBTC at an average price of nearly $100,000, repaying loans with USDC.
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COINOTAG reports total profits of $55.62 million, combining realized and unrealized gains.
WBTC whale sells 50 WBTC on Binance, realizing $5.9M profit from $103M holdings. Discover key insights on institutional WBTC trading and market impact.
How Did the Whale Accumulate 1,495 WBTC Through Circular Lending?
The whale acquired 1,495 WBTC between July and November 2024 using circular lending strategies, effectively leveraging borrowed assets to increase holdings. This approach allowed the institution to accumulate Wrapped Bitcoin valued at approximately $103 million at an average price of $69,162 per WBTC.
What Is Circular Lending and Its Role in WBTC Accumulation?
Circular lending involves borrowing assets repeatedly to amplify purchasing power without additional capital. This method enabled the whale to build a significant WBTC position while managing loan repayments through strategic sales and stablecoin conversions.
What Are the Details of the Whale’s Recent WBTC Sales on Binance?
Since March 2024, the whale has sold 923 WBTC in batches on Binance, averaging a selling price of $99,957 per WBTC. These sales generated approximately $92.26 million, which were largely converted into USDC to repay the borrowed funds.
How Much Profit Has the Whale Realized and What Remains?
COINOTAG data shows the whale’s total profit on WBTC stands at $55.62 million, including $28.42 million in realized gains from sold WBTC and $27.20 million in unrealized gains from the remaining 553.8 WBTC, currently valued at $65.51 million.
| Metric | Value | Comparison |
|---|---|---|
| WBTC Accumulated | 1,495 WBTC | July-November 2024 |
| WBTC Sold | 923 WBTC | Since March 2024 |
| Realized Profit | $28.42 million | From sold WBTC |
| Unrealized Profit | $27.20 million | From remaining WBTC |
Why Is This Whale Activity Important for the WBTC Market?
Whale transactions like these influence market liquidity and price stability. Large-scale sales on Binance can signal profit-taking trends and impact short-term price movements in Wrapped Bitcoin.
What Does This Mean for Investors and Traders?
Institutional activity highlights growing confidence in WBTC as a liquid asset. However, it also underscores the importance of monitoring whale movements to anticipate potential volatility and market shifts.
Frequently Asked Questions
How does circular lending affect WBTC accumulation?
Circular lending allows investors to borrow repeatedly, increasing their buying capacity. This method enabled the whale to amass 1,495 WBTC efficiently, leveraging borrowed funds without extra capital.
Why did the whale sell 50 WBTC recently?
The whale sold 50 WBTC on Binance to realize profits and repay loans. This strategic sale reflects ongoing profit-taking amid favorable market prices for Wrapped Bitcoin.
Key Takeaways
- Whale accumulated 1,495 WBTC using circular lending between July-November 2024.
- 923 WBTC sold since March 2024, generating $92.26 million in revenue.
- Total profit of $55.62 million includes realized and unrealized gains.
Conclusion
This whale’s strategic accumulation and profit-taking of Wrapped Bitcoin highlight significant institutional influence in the crypto market. Tracking such activity provides valuable insights for traders and investors aiming to understand WBTC price dynamics and market liquidity. Stay informed with COINOTAG for the latest verified crypto news and analysis.
Whale moves 50 WBTC to Binance for profit-taking. Institutional activity continues shaping Wrapped Bitcoin market dynamics. #WBTC #CryptoNews
— COINOTAG (@COINOTAG) July 27, 2024