Crypto Selloff: WBTC Smart Money Nabs $14M Profit, Bitcoin At $59K

A smart money address dealing in Wrapped Bitcoin (WBTC) has made over $14 million profit in a crypto selloff spree. As the Bitcoin (BTC) price touched an ATH this year, the smart money started gradually offloading its holdings, making a staggering ROI. Meanwhile, the BTC price today traded at the $59,000 level, with market participants speculating over the asset’s future price trajectory.

WBTC Smart Money Nabs Huge Profit

According to on-chain data from Arkham Intelligence, the smart whale address “ox3c9” liquidated its Wrapped Bitcoin holdings accumulated over the past 10 months, making a staggering $14.26 million profit. The address initially started bagging coins from Binance in October 2023, totaling his holdings to 618 tokens. Subsequently, as the BTC price touched an ATH in March this year, the whale started gradually reducing his position.

Notably, in a crypto selloff involving $38.89 million worth of WBTC at an average selling price of $62,921, the address made the abovementioned profit. Besides, the trail of transactions has also sparked speculations on BTC’s waning potential to offer investors gains.

WBTC is an Ethereum-based token on par with BTC, i.e., one-to-one in value. The token’s price has fluxed in tandem with Bitcoin’s price post-halving, attributable to numerous on-chain and macroeconomic factors.

Bitcoin Market Performance

On Saturday, August 17, the BTC price gained nearly 1% at press time to trade at $59,207. The coin’s 24-hour lows and highs were recorded as $57,582 and $59,847, respectively. Whilst, WBTC price traded at $59,129 today.

BTC’s 24-hour trading volume saw a 26.36% decrease over the past day to $25.58 billion. However, the flagship crypto’s dominance stood at 56.29%, a 0.48% increase over the past day.

BTC Futures OI saw a 2.11% increase to $30.36 billion today, per Coinglass data. However, the derivatives volume dipped 31.05% to $51.04 billion, sparking mixed market sentiments on the asset.

Additionally, the RSI rested along the 55 mark, hinting that the asset is neither overbought nor oversold. Also, Bollinger Bands on the chart illustrate that the asset is trading in a period of low volatility as the bands inch closer. This. paves the way for a potential trend breakout ahead, with crypto market participants extensively eyeing the coin.

Also Read: Top Reasons Why Bitcoin Price is Up Today