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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