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An anonymous large Bitcoin holder that never sold despite posting more than $300 million in paper gains at the peak has drawn attention for its on-chain activity, according to on-chain data analytics firm Arkham.
On-chain data shows the whale wallet withdrew, or bought, $461.5 million worth of Bitcoin from Coinbase about two years ago. Its unrealized profit reached $315 million at the peak, but the position later swung to an unrealized loss of as much as $100 million at a low in July, reflecting sharp volatility. Even so, the holder did not sell and continued to hold the assets. Since August, the whale has transferred $82 million worth of Bitcoin to Kraken and still holds $418 million worth of Bitcoin. After weathering the sharp price swings, the wallet’s unrealized profit now stands at about $40 million.