A Bitcoin whale has sold 300 BTC, worth approximately $18.25 million, at a significant loss. The whale, identified by their Bitcoin address 35TZjtyCihT6KRCGqtyAgJtJAxvftiX2cR, initially purchased 855 BTC for $54.6 million in July at an average price of $63,878 per Bitcoin.
Source: X
However, market volatility has not been kind to this investor. During the August 5 market crash, they sold 297 BTC for $15.8 million, incurring a substantial loss. Today’s sale of an additional 300 BTC has further compounded these losses, leaving the whale with 259 BTC valued at $15.74 million.
Panic Selling Led to a $4.8 Million Loss
The total loss from these trades amounts to $4.8 million. This is not the first instance of poor timing demonstrated by this whale. Earlier this year, they purchased 210 BTC for $13.1 million between February 29 and March 2, at an average price of $62,337 per Bitcoin. On March 6, they sold 209 BTC at $65,165, realizing a modest profit of $528,000. However, just eight days later, Bitcoin’s price surged past $73,000, indicating that the whale missed out on a potentially much larger profit.
Large transactions like these often signal market movements or shifts in sentiment. However, in this case, the whale’s actions appear to reflect a pattern of panic selling during market downturns. Despite holding a substantial amount of Bitcoin, the whale’s apparent lack of strategic foresight has led to consistent financial setbacks.
Whales Are Offloading Their Bitcoin, What’s Ahead For BTC Price?
According to the data from Santiment, whales, especially those holding between 1,000 and 10,000 BTC, are selling off their Bitcoin, which typically indicates a bearish outlook.
Whales loading off their BTC. Source: Santiment
Larger whales with 10,000 to 100,000 BTC are more actively trading, which could contribute to increased market volatility. The consistent reduction in holdings by these whales points to a trend of profit-taking or risk reduction in response to market conditions.
The immediate concern among market participants is the potential for a short-term price dip. As news of the whale’s sale spreads, there’s a possibility that other investors might follow suit, leading to increased selling pressure on Bitcoin. This could result in a temporary decrease in Bitcoin’s value.
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