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<p>Amidst the hype surrounding the approval of the first spot Bitcoin ETFs in the US, one whale appears to be capitalizing on the market frenzy by cashing out over $74 million in BTC profits. According to <a href="https://twitter.com/lookonchain/status/1745653728190074991?t=gJVxD5kRsOE3_Qy8luOkSw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">on-chain data analyst Lookonchain</a>, a single entity withdrew 2,742 BTC from Binance on December 29th, 2022, worth approximately $53 million at time of transfer.</p>
<p><em><strong>Taking Profits After ETF Launch</strong></em></p>
<p>This Bitcoin withdrawal came just months after the whale had deposited the same amount of BTC (2,742 coins worth $127.5 million at time of deposit) into Binance right as trading opened for the ProShares Bitcoin ETF (BITO). By Lookonchain’s calculations, the average purchase price for the whale’s BTC was around $19,337. Selling those coins at a price of over $53 million enabled the trader to lock in handsome returns.</p>
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<p>“A whale deposited all 2,742 $BTC($127.5M) to #Binance to take profits after the #Bitcoin spot ETF opened trading,” explained Lookonchain about the on-chain transfers. The ability to time market moves around the ETF hype demonstrates this whale’s savvy in profiting from Bitcoin’s momentum.</p>
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<p><em><strong>Undermining Long-Term Confidence</strong></em></p>
<p>While ETFs have been hailed for increasing mainstream crypto adoption, this whale’s actions point to a more pessimistic perspective. Rather than holding Bitcoin for future gains, the rapid exit with $74 million in profits hints at a lack of long-term conviction.</p>
<p>Such a massive BTC sell-off also produces negative pressures on price. If additional large holders join the selling spree, it could spiral momentum further downwards.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="284" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-1024x284.png" alt="" class="wp-image-419026" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-1024x284.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-300x83.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-767x213.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-1536x426.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-2048x568.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-540x150.png 540w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-100x28.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-1261x350.png 1261w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320-788x218.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-320.png 1326w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em><strong>Bearish Indicators Emerge</strong></em></p>
<p>So while the approval of spot BTC ETFs opened new avenues for crypto investments, the actions of whales tell a different story. Major liquidations following the ETF hype suggest lower confidence in continued uptrends.</p>
<p>As more entities look to cash out profits rather than sustain coins, bearish indicators emerge for Bitcoin’s trajectory. And the impacts have only begun, with this $74 million transfer setting precedents for other opportunistic holders.</p>
<p>Unless buyers step in to support declining prices, Bitcoin may end up as the latest victim of “sell the news” mentalities. For an asset class frequented by short-term speculators, even the most promising developments can flip to bearish catalysts when hype diminishes. This whale’s profits may mark only the beginning.</p>
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<p>The post <a href="https://captainaltcoin.com/whale-cashes-out-74-million-in-bearish-move-after-spot-btc-etfs-launch/" rel="noopener noreferrer nofollow">Bitcoin Whale Cashes Out $74 Million in Bearish Move After Spot BTC ETFs Launch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Whale Cashes Out $74 Million in Bearish Move After Spot BTC ETFs Launch

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