A whale/institution that accumulated a total of 1,495 WBTC by the end of last year has recently started selling to take profits

BlockBeats News, July 4th, according to on-chain data analyst Yu Jin's monitoring, a whale/institution that has accumulated 1,495 WBTC through a collateralized loan (or looped borrowing) during July to November 2024 has recently started profit-taking by selling WBTC.

Currently, the overall profit on WBTC is as high as $49.75 million: realizing a profit of $19.17 million from the sold portion, and an unrealized gain of $30.58 million from the unsold portion.

Using a collateralized loan at an average price of $69,162 in the second half of last year, the whale/institution acquired 1,495 WBTC, then started transferring WBTC to Binance in batches starting from March this year to sell and repay in USDC. So far, 723 WBTC has been sold to exchange for $69.17 million USDC and repay the loan, with a selling price averaging $95,678, still holding 753.8 WBTC (approximately $82.6 million).