A crypto investor who pocketed millions of dollars from trading Polygon (MATIC) is going long on a competing Ethereum (ETH) layer-2 project.
New data from blockchain-tracking firm Lookonchain reveals that a deep-pocketed trader who started buying MATIC last July when it cost just $0.50 has recently purchased $2.24 million worth of layer-2 scaling solution Arbitrum (ARB) using 1,057 ETH.
According to Lookonchain, the actions of the crypto whale are worth monitoring as his profits exceed $7.3 million.
“A smart whale bought 1.49 million ARB with 1,057 ETH ($2.24 million) today, with an average buying price of $1.50.
This whale is well worth keeping an eye on.
Traded a total of 23 tokens, of which 15 tokens are profitable, with a win rate of 65%.
The total profit exceeds $7.3 million.”
ARB is trading for $1.70 at time of writing, a 19% increase during the last 24 hours.
The firm goes on to elaborate more on the high-net-worth investor’s trading history, showing how they profited millions by not only swapping MATIC, but also the token that powers the Treasure Metaverse (MAGIC), crypto staking solution Lido (LDO) and blockchain-based lending platform TrueFi (TRU).
The on-chain data reveals that the whale bought a total of 15.73 million MATIC at an average price of $0.64 and sold them for an average price of $0.84, making over $3 million in the process.
The trader also purchased 2.91 million MAGIC at an average price of $0.74 a few months. If sold at current prices, they would profit $2.12 million.
Other swaps made by the wealthy trader in 2023 include 1.09 million LDO bought from Binance at a price of $1.20 and later sold for $2.20 for a profit of $1.09 million and 23.5 million TRU bought from Binance at an average price of $0.07 and later sold for $0.10 for a profit of about $643,000.
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Generated Image: Midjourney
