According to data provided by Lookonchain, an anonymous trader managed to multiply his balance of 35 ETH by 42 in a short time. Successful investor made 1,525 Ether profit on APE and 7 altcoins.
Anonymous trader multiplies Ether balance by 42 in 8 months
On-chain data source Lookonchain shared the transactions made by a trader who doubled his balance by 42 in a short period of 8 months in his tweets dated December 1st. The anonymous trader earned around $2 million by converting 35 ETH to 1,500 ETH. On-chain data shows that the trader initially traded 35 Ethereums worth $43,439 for Bao Token (BAO). Trader managed to increase his balance to 58.85 ETH by trading on BAO.
https://twitter.com/lookonchain/status/159831127620732929
It then bought and sold POOL, YAM, STAKE, APE and other tokens. Thus, he traded a total of 17 tokens, 13 of which were profitable, with a 76.47% win rate. The successful trader made a total profit of 1,525 Ether. Meanwhile, the most profitable altcoin was Dogelon Mars (ELON). AIOZ, on the other hand, was the transaction that it closed at a loss of 41%.
Trader was successful despite harsh market conditions
The cryptocurrency market has been under pressure since the FTX bankruptcy in November. Data from TradingView shows that Bitcoin bulls spent the entire week between $16,800-17,000. Analysts had identified the first as a key level to hold. But Bitcoin is about to break this level to the downside on December 2, which started with a decline.
Meanwhile, Ether (ETH) is busy defending the $1,200 region to avoid reaching triple-digit prices. CrypotQuant analyst Ghoddusifar says Ethereum could drop to $450 before a significant price increase occurs. This price position served as support for Ether in 2017, 2019 and 2020.
As you follow on Kriptokoin.com, FTX announced on November 11 that it has filed for Chapter 11 bankruptcy. Since then, Bitcoin’s price has recorded a two-year low of $15,599.05. Amid unfavorable market conditions, sales from Bitcoin miners are increasing the focus. Bitcoin miners were one of the segments of the crypto community that was heavily impacted by the crypto winter thanks to selling pressure.
The anonymous trader shared by Lookonchain, on the other hand, has managed to make a profit on small-volume altcoins in his transactions since the beginning of the year. The trader’s biggest transaction was Bao Token (BAO), which he bought in January. In this transaction, he bought 43,439 dollars worth of BAO and earned 58.85 Ether in a short time. Later, it increased its balance by 76% over POOL, YAM, STAKE, APE. The cryptocurrency market has seen the bankruptcies of Terra and FTX throughout the process.
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