An altcoin crypto whale has realized significant profits after selling a portion of their $SPX holdings, according to Lookonchain. The trader originally spent just $48.4K to acquire 19.15 million $SPX tokens on the Solana network between January 29 and March 21. Over the course of several months, the whale bridged the entire $SPX stack to Ethereum. $SPX remained among the top gainers this week.
A whale with 19.15M $SPX($15.7M) is selling $SPX to realize profits.
His profit on $SPX is ~$14M, a 289x return!
He spent $48.4K to buy 19.15M $SPX on #Solana between Jan 29 and Mar 21.
He then bridged all 19.15M $SPX to #Ethereum and started selling $SPX on Oct 3.
So far, he… pic.twitter.com/zLwus8gcuU
— Lookonchain (@lookonchain) October 12, 2024
Trader Makes 289x Return on $SPX, Sells $1.7M Worth
The trader started selling their positions on October 3, selling 4.15 million $SPX for 708 ETH, which is around $1.71 million. Through this sale, the whale has secured a profit of approximately $14 million which is 289 times their investment. For now, the trader still has 15 million $SPX, which at current prices is worth around $12.3 million.
Altcoin Whale Selloff Highlights Profitability of Early Crypto Investments
The selloff illustrates the profitability of investing in emerging tokens at an early stage, and the possible high revenue in the sphere of cryptocurrencies. All the same, the current disposition of the whale is still relatively large and the possibility of him selling more $SPX is still feasible depending on the market.
This move, reported by Lookonchain, also continues to show that whales are using Ethereum’s liquidity to orchestrate exits in a planned manner. This time it is unknown if the whale will continue to sell the $SPX market gradually or wait for better prices to come in.
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