The last seven days have been tumultuous for the market’s leading cryptocurrency, Bitcoin, with BTC climbing to touch a new all-time high of $41,941, before falling to a low of $30,305 just two days later.
While the price has since consolidated, with the crypto priced at $35,000, at press time, who were the major profit-takers in this price rally? And is the rally done, or are there still gains to be made?
According to data analytics platform Laevitas, the “infamous” $36k BTC call buyer took profits overnight for a total of 1340 BTC, a figure that amounted to over $45 million.
The same trader reportedly took some of those proceeds, worth $13.1 million, and repositioned himself into $56k, $64k, and $72k calls with an expiry date of 29 Jan 2021.
The trader in question took the $36k bet when the value of BTC was around $22k. At the time, $36k seemed out of reach, but Bitcoin proceeded to surge to a new all-time high in the weeks that followed, touching $41,914 on the 8th of January.
#Bitcoin surges an average of 150% after every 30% dip pic.twitter.com/xNcImY1Ln8
— Bloqport (@Bloqport) January 12, 2021
As previously noted, the market has since corrected, with Bitcoin trading at around $35,500, at the time of writing. In fact, some on-chain analysts have even proposed that a larger correction may be on the cards, as past data…
