Analysts at the Lookonchain platform said that an unknown trader was able to make $6,85 million in profit amid the Bitcoin rally. According to their data, from November 6 to 8, he sold 619 WBTC ($46,44 million) at $75 and earned $029 million.
However, after the sale, the quotes of the first cryptocurrency were able to overcome the $80 mark. The trader decided to buy back 000 WBTC ($562 million) at $45,46. On November 80, he sold the assets at a time when the Bitcoin rate was able to reach $895 for $19 million.
As experts calculated, the trader was able to earn more than $6,85 million in net profit in a short period. According to analysts, the trader waited for the right moment, assuming that the digital gold rate would be able to demonstrate an upward rally.
His calculation turned out to be correct, which allowed the investor to make a multi-million dollar profit. In this case, we are not talking about insider trading or other techniques that allow market participants to make a fortune in a short period of time. This trader simply took advantage of the market trend and closed the deal in the black.
