The whale, who had been buying a large amount of Bitcoin in recent months and waiting for a loss for a while, has started selling. According to data cited by on-chain analytics platform Lookonchain, the whale sold 64.27 million 1,030 BTC on September 20 to break out at the break-even price.
The whale received 5,404 BTC worth $352.97 million from Binance between March 18 and May 16. The average purchase cost was recorded as $65,318.
Then, as of May 21, he sold 4,856 BTC worth $317.87 million at $65,459, giving up his investment just one click above the break-even price.
This whale selling has led to speculation in the market. While large sell-offs often create short-term pressure in the market, understanding the whale movements in the market is also considered an important source of strategic information for other investors.
However, it remains unclear what the real purpose of the sale is.
Bitcoin, which has gained 3% in the past 24 hours, was trading at $63,100, according to CoinGecko data.
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