Bitcoin Whale Cashes In on $11.6M Profit After Two-Month Hold

A Bitcoin whale closed out their two-month long position, netting an $11.6 million profit in the process.

The trade was identified by blockchain analytics platform Lookonchain, which linked two addresses (0x5FA and 0x237) to the same trader.

The timing of the exit is notable, coming as Bitcoin surged past $80,000 on August 25, a price point that represented a gain of over 25% from their original entry point.

This rally was partly fueled by aggressive short liquidations, with $225 million in positions being closed out within just 10 minutes. This, combined with large holders taking profits after months of sitting on paper losses, has contributed to Bitcoin's strong third quarter performance.