Crypto analytics and monitoring platform Lookonchain shared with its followers a notable move of ‘Smart Money’ in the market. ‘Smart Money’ made a profit of $7 million on March 21, 2023 after well-timed altcoin trades. After profit, ‘Smart Money’ currently holds 20,891 ETH worth $36.7 million.
Million-dollar profit from the leading altcoin trade!
cryptocoin.comAs you’ve watched, expectations have risen after the big bank crashes that the Federal Reserve will stop now because things are starting to break. This has added a new vitality to the crypto market. When it comes to crypto market movement, so-called ‘smart money’ wise traders make profits by surfing the waves. By the way, it should be noted that Lookonchain refers to wise traders as ‘Smart Money’.
On-chain analytics platform Lookonchain has shared details of transactions made by a ‘Smart Coin’ that made $7 million in profits by trading Ethereum (ETH). Smart money made well-timed trades that resulted in impressive profits. Currently, they hold 20,891 ETH worth $36.7 million. Lookonchain posted a two-part Twitter thread describing ‘Smart Money’ transactions alongside screenshots of transactions.
Details of transactions made by ‘Smart Money’
On July 5, 2022, ‘Smart Money’ pulled 10,579 ETH from the then-functional FTX platform at a price of $1,120. Then, during a USDC de-peg event, 44 million USDC was used to purchase 27,957 ETH at the discounted price of $1,573. Then on March 21, 2023, six hours before the tweet, ‘Smart Money’ sold 4,000 ETH on Uniswap at a profitable price of $1,753 per ETH, making a profit of $7 million. Specifically, according to Lookonchain’s observations, the price of ETH may have dropped 2% due to the sales of ‘Smart Money’.
‘Smart Money’ tracking advice from Lookonchain
He then transferred 16,000 ETH worth $28 million to the ‘Smart Money’ Binance platform. Currently, they hold 20,891 ETH worth $36.7 million, with an average holding cost of $1,464. Lookonchain emphasized trades to encourage their followers to trade strategically. ‘Smart Money’ has taken the opportunity presented by USDC’s de-peg event to its advantage by purchasing ETH at a discounted price. They also maximized their profits by timing their 4,000 ETH sales on Uniswap to coincide with the peak in the price of ETH. The on-chain analyst advises his followers to follow the next sale of ‘Smart Money’.
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