The price of Quant (QNT) is down nearly 5% in the past 24 hours amid the broader crypto market weakness that has Bitcoin trading near the $65,000 level.
While BTC and other top cryptocurrencies struggle amid current market reaction to macroeconomic conditions, Quant has an extra layer of downside pressure after a whale moved over 118,000 QNT tokens to the Kraken crypto exchange.
QNT, which traded at highs of $102 on May 21, is currently hovering at $79.85, with bulls under pressure that could see bears retest lows last seen in June 2022.
Quant whale moves 118k QNT
According to data from Spot On Chain, a whale that had received Quant tokens six years ago moved 118,009 QNT tokens to Kraken. The value of the tokens at the time was $9.76 million.
Lookonchain also shared the whale’s transfer, noting that the wallet recently sold 8,050 QNT tokens as price reached $92. That transaction coincided with an 11% dip for QNT price.
Having not sold during the 2021 bull market, the whale’s decision to cash in now means they missed the opportunity for a $130 million windfall.
“Six years ago, the address accumulated 326K $QNT, valued at just $200K at the time, and remained inactive for 6 years. It notably missed the 2021 uptrend, which could have brought its peak value to $130M—a 650x increase,” Spot On Chain posted on X.
In 2021, Quant price rose to a bull market peak of $427. Today’s value is about 81% down as bearish pressure mounts.
92% of Quant addresses currently in loss
Data from IntoTheBlock shows that addresses that bought QNT between $59.22 and $98.17, only 20% are in profit at current prices. Nearly 57% are under water while 23% are at the money.
Zooming out to all addresses that currently hold QNT, on-chain data shows nearly 92% are in loss with price below $80.22.
