Key Takeaways:
Two bitcoin wallets, possibly one trader, closed a two-month long for an $11.6 million profit as bitcoin traded near $81,000 on Aug. 25.
Blockchain analytics platform Lookonchain flagged the two addresses, 0x5FA and 0x237, which it said may belong to the same investor. Both closed their long positions simultaneously, ending a trade held for nearly two months, though the exact entry price and position size were not disclosed.
The exit lands as bitcoin's third-quarter rally — one of its strongest since 2021 — pushed the asset from $58,000 to above $81,000, a gain of more than 25 percent over the holding period. The climb accelerated as $225 million in short positions were liquidated across crypto exchanges within 10 minutes, a cascade that can move prices sharply. BitMEX co-founder Arthur Hayes argued the same day that the U.S. Treasury's expanded bond buyback program — doubled to $4 billion per operation from $2 billion — marked the start of a fresh bull market for the asset, a thesis that dovetails with the window this whale held its position.
The next few days will determine whether $80,000 holds as new support or whether the short liquidations that fueled the latest leg give way to profit-taking. With Hayes and other macro voices arguing Treasury liquidity dynamics could push bitcoin toward six figures, the coming weeks should show whether exits like this one are isolated or the start of a broader trend among large holders.
Some large holders have used the run-up to lock in gains after months of paper losses, given bitcoin traded well below $70,000 for much of this year. Others have kept adding to positions, betting the move higher has room to run. The split is visible in the derivatives book: while this whale banked its profit, a separate wallet tracked by Lookonchain — bowen1476 — opened its 15th short in five days on Aug. 24, a 40x leveraged bet on 300 BTC worth roughly $23.13 million, after 14 straight losing trades wiped out a combined $4.56 million. That position needs bitcoin to fall back under its $77,100 entry to turn a profit, a level already breached as the asset pushed through $81,000.
Whether the whale's exit represents smart money calling a local top, or simply a trader taking a disciplined profit after a two-month hold, stands to become clear only in the coming weeks.
This article is for informational purposes only and does not constitute investment advice.
