Johann Wilfred
Blockchain analytics firm Lookonchain has spotted an individual identified as smart trader 0xc097 who has raked in profits in 4 of 5 trades over the past 12 months.
The trader was buying and selling wrapped bitcoin (WBTC), which is a form of bitcoin that is an ERC-20 token that is traded on a 1:1 basis with BTC. WBTC is based on the Ethereum blockchain.
Lookonchain spotted the series of wins with the trader’s fifth sale of WBTC, three hours after it happened, which was 277 WBTC in exchange for $29.287 million, making a profit of $2.356 million.
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“Smart trader 0xc097 sold 277 $WBTC($29.29M) 3 hours ago and made another $2.36M! Over the past year, this trader has made 5 trades in $WBTC, 4 of which were profitable, with a total profit of $34.7M.” read the X post.
The trader’s first transaction was buying 100 WBTC on 5th July, 2024. He/she then sold it for a total profit of $1,612,908 on 17th July, 2024, and went on to buy and sell WBTC another four times, making a profit on three more trades and accumulating a total profit of $34,712,147.
Initial reactions to the post on X were mixed, with one questioning the practice of trading BTC through wrapped BTC.
“Trading btc via WBTC is not smart… Very illiquid. High fees if converting from WBTC to btc to usdc/usdt,” said @ethics3606
Source: coinmarketcap.com
The trades have occurred around the same period when the price movement of Bitcoin was positive and upward. Over the past 12 months, the price of BTC has risen by 54.99%
