On-chain data flagged a Bitcoin (CRYPTO: BTC) whale trader pulling off two successful multi-million dollar trades with patient trading.

What Happened: Lookonchain data shows the trader first bought 718 Bitcoin at an average price of $29,385 from Aug. 9 to Nov. 2, 2023, selling them at $41,953 from Dec. 15 to Dec. 18, 2023 for a profit of $9 million, a 43% increase.

On the second trade, they bought 1,181 Bitcoin at an average price of $48,822 from Feb. 7 to May 13, selling them at $66,792 on May 27 and June 20 for a profit of $21.2 million, a 37% increase.

Also Read: Bitcoin Spot ETFs Bleed For the Fifth Straight Day, Record $140M In Outflows On Thursday

Why It Matters: Crypto trader Daan Crypto Trades noted one positive trend for Bitcoin, stating that despite the “pain” of the slow bleed, altcoins are not experiencing double-digit percentage drops with every minor Bitcoin dump, as has been the case in the past.

He attributed this resilience to the steadiness of the ETH/BTC pair and the recent hardships endured by altcoins.

Daan Crypto Trades also noted that Bitcoin’s sluggish decline is preventing altcoins from rising significantly. He suggested that supportive ETF flows could potentially boost the market, but lamented that these have also been experiencing outflows, offering no relief to the current situation

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why The Bitcoin, Ethereum, Solana Pump Is ‘Delayed’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.