Not everyone is losing money in the cryptocurrency market, according to the movements of this smart money account
Earn money with cryptocurrency market rallying higher is not unusual or unexpected for the average trader. However, staying profitable throughout the bearish year in the market is something that many traders wish for but fail to achieve. reach — although this is not the case for our “smart money” account.
It is important to note that the smart money account did not start out with nothing. In November, investors received $1.6 million into Ethereum as the second-largest cryptocurrency in the market traded at $605.
— Lookonchain (@lookonchain) January 15, 2023
Quickly after receiving Ethereum, he decided to sell his holdings for 7.77 million DAI on May 2, 2021, at a price of $2,910, and then a deposit of 7 million DAI in Compound to earn interest. Technically, the trader decided to avoid any volatility that could have skyrocketed in the market and leaned towards passive income.
In May 2021, when Bitcoin was trading at $57,000 at one point in the month, the trader decided to strike 86 renBTC and sell it for $3.34 million DAI at a price of $39,248. Following Bitcoin’s further plunge to new lows in 2021, the smart money account managed to avoid unnecessary losses and remained profitable.
After the bullrun peaked, smart money continued to trade Ethereum and wrapped up Bitcoin, not wasting time on assets that don’t add as much value as Ethereum and Wbtc, while creating additional and unnecessary risk.
Yesterday, our whale sold 100 wrapped Bitcoins and 4,000 Ethereum for over $8 million DAI. According to the behavior of many traders and investors, including our Smart Money account, the current rally lacks support.