Major Crypto Investor «CryptoWhale» Makes Substantial Investment in Bitcoin
One of the largest cryptocurrency investors, known as CryptoWhale, recently made a significant investment in Bitcoin after successful trading of Shiba Inu. According to data from Spot On Chain, at the end of March, this major player converted 533.6 billion Shiba Inu (SHIB) tokens into Dai stablecoins. He did this at a price of about $0.00003 per token, resulting in a profit of $8.24 million and a 106% increase in assets in less than a month.
Shift to Bitcoin
On May 15, CryptoWhale exchanged $16.22 million in Dai stablecoins for 252 coins of Wrapped Bitcoin (WBTC) priced at $64,449 each. Currently, the price of Bitcoin stands at $65,503, granting the investor an unrealized profit of 1.6%.
Analysts’ Surprise
This decision surprised analysts, as many were predicting the onset of altcoin season and recommending investments in alternative cryptocurrencies. For instance, analyst Michaël van de Poppe recently sold his bitcoins to purchase other cryptocurrencies such as Sei (SEI), which has appreciated by 22% since May 15.
It is likely that CryptoWhale preferred to invest in Bitcoin, possibly due to expectations of an increase in its value or to mitigate risks associated with altcoins.
