Willy Wood Bitcoin and Altcoins (4:57)
While Bitcoin (BTC) has been facing a bearish curve over the past few months, the beginning of March saw the cryptocurrency chart a dramatic surge above $$73,500.
As per the on-chain analytics platform Lookonchain, a crypto trader has been placing leveraged bets on Bitcoin and has made a profit of more than $27 million.
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The trader, with the address 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902, has opened 10 leveraged positions—both long and short—on Bitcoin since March 1, as per Hyperdash.
The trader has netted a total profit of more than $1 million on all the 10 trades in a row in March, with no losses so far. Their latest trade is a thrice-leveraged short position on 1,000 Bitcoin.
The trader is now sitting on a total unrealized profit of more than $27 million.
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Bitcoin rallies and retreats
After the U.S. and Israel attacked Iran on Feb. 28, Bitcoin saw a brief surge toward $73,669.78 on March 4. But BTC fell over the next few days to retreat below $69,000 on March 9.
As per SoSoValue, spot Bitcoin exchange-traded funds (ETFs) in the U.S. have seen a total inflow of $568.45 million this month so far.
Besides the strong institutional demand, the brief surge was driven by "safe haven" buying of Bitcoin amid the war in West Asia.
But both institutions and retail traders quickly retreated from Bitcoin.
The total crypto market capitalization first rose from $2.3 trillion on March 1 to $2.5 trillion on March 4. But then, it fell to $2.3 trillion on March 9.