Recent on-chain data shared by the @lookonchain analytics platform on the X/Twitter app describes a smart whale who bought over a billion USD worth of Bitcoin two years ago and is now sitting on a hefty unrealized profit.

Meanwhile, the price of the worlds flagship cryptocurrency, BTC, has demonstrated a slight decline of 1.73%, dropping below the quickly taken $62,000 level in the past 24 hours.

Whale sits on $900 profit from holding Bitcoin

A tweet published by the aforementioned source earlier today says that a smart whale purchased a monstrous $1.39 billion worth of Bitcoin in July 2022, paying $21,629 per BTC on average.

Now that since the start of 2024, the Bitcoin price has surged by roughly 50% and surpassed the $62,000 level briefly earlier this week, this whale has an unrealized profit of more than $900 million from the Bitcoin he holds.

A smart whale has accumulated 22,670 $BTC($1.39B) at an average price of $21,629 since $BTC entered the bear market in July 2022.

He currently has an unrealized profit of more than $900M!https://t.co/gT1kfWq5YF pic.twitter.com/BTcijZB0IA Lookonchain (@lookonchain) March 1, 2024

Overall, whales continue to accumulate Bitcoin, while the price has dipped a little, going below $62,000. The same source as above has reported that over the past hour, a fresh Bitcoin wallet acquired 2,475 BTC from the Binance exchange. This amount of BTC worth $153.66 million has turned this wallet into a whale.

According to Whale Alert cryptocurrency tracking platform, a massive 6,034 Bitcoin evaluated at $374,502,788 were transferred between anonymous whales approximately 12 hours ago. Several large Bitcoin chunks were also the largest US-based cryptocurrency exchange Coinbase and its institutional platform.

Bitcoin ETFs acquire close to billion in BTC

@lookonchain also published an update for Thursday about Bitcoin acquisitions made by the spot Bitcoin ETFs. On February 29, eight of the eleven approved funds laid their hands on a whopping 14,934 BTC worth $940 million.

Feb 29 Update:

8 ETFs added 14,934 $BTC($940M) today while #Grayscale only decreased 2,223 $BTC($139.8M).#Blackrock added 10,140 $BTC($638M);#Fidelity added 4,066 $BTC($255.9M).https://t.co/UIY26R4Eiq pic.twitter.com/svR5aZbSsS Lookonchain (@lookonchain) February 29, 2024

BlackRock and Fidelity are again the leading purchasers here the former bought the largest lump of 10,140 BTC (worth $638 million), the latter grabbed 4,066 BTC (worth $255.9 million). Basically, nearly the whole amount that went into the spot-based Bitcoin ETFs yesterday was received by just two of these exchange-traded funds. Grayscale continues to sell its Bitcoin and yesterday, they got rid of 2,223 BTC the equivalent of $139.8 million. VanEck purchased 170 BTC. Bitwise ETF acquired 164 BTC.

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