There’s BTFD and then there’s BTFD XL as one punter goes in for $400 million Bitcoin dip buy
One cryptocurrency trader spent $400 million hoovering up Bitcoin last week. Between the 9th and 12th the trader increased their holding from 55k to nearly 97k, and that wasn’t even at the bottom of the blowout.
Call it an average price of 8500 for that period, and at today’s price around 10k, that’s a $62.4m profit on that trade alone. Of course, it’s all relative to the prior positions and their entry prices but still, that’s a big big trade, and a big HODL through the price drop.
The identity of the trader is unknown but the Bitcoin address has been plastered all over the web.