I caught enough common, yellow, and peacock butterflies to take up all the space in my inventory and sold it. (I can't remember exactly how many of each kind I had.) It was a little over 2,000 bells...not great. I had an Angelfish in my house and I didn't really want it anymore, so, I sold it all by itself. 3,000 bells. Just one Angelfish sold for more than an entire inventory of butterflies.
Has anyone else tried anything like that?