Blockchain analytics platform Lookonchain identified two addresses (0x5FA and 0x237) that may belong to the same trader. Both wallets simultaneously closed long Bitcoin positions, concluding a trade this investor had held for nearly two months.
The total profit amounted to $11.6 million, although the exact entry price and position size remain unknown. The timing evidently coincided with Bitcoin's sharp price surge of $20,000 to the $81,000 mark on August 25th (a gain of over 25% during the position's holding period).
Bitcoin's breakthrough past the $80,000 level occurred on the same day that BitMEX co-founder Arthur Hayes, in a new article, stated that the expansion of the US Treasury's bond buyback program marked the beginning of a new bull market for this asset—this thesis precisely aligns with the period during which this major investor held his position.
A Rally Built on Liquidations
The whale's exit is just one of several events that contributed to Bitcoin's five-figure price increase. Data shows that the surge of $BTC to $81,000 occurred against a backdrop of $225 million in short position liquidations on the crypto market within 10 minutes—a chain reaction that can easily push prices upward.
Furthermore, some large holders took advantage of this rally to lock in profits after several months of paper losses for much of this year, given that Bitcoin traded significantly below $70,000 for a substantial part of this period. Others continued to accumulate positions, betting that the rally still had potential.
The third quarter has been one of Bitcoin's strongest since 2021, and the price action in the latter half of August played a significant role. Whether the wallet activity described above reflects "smart money" anticipating a local peak, or simply traders disciplinedly taking profits after a two-month hold, may become clearer in the coming weeks.
Bitcoin Price Levels Must Stabilize
The next few days will be crucial for the market, as both retail traders and institutional investors eagerly await whether the $80,000 mark will hold as a new support level, or if the aggressive short liquidations that fueled the latest rally will give way to profit-taking pressure. Furthermore, concerns about large-scale quantitative easing loom larger on the horizon, which could impact Bitcoin's price dynamics.
Finally, given the growing voices of Hayes and other macroeconomic experts arguing that Treasury liquidity dynamics could push $BTC into six figures, the coming days should show whether such whale exits are an exception or the beginning of a broader trend.
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