Pakinomist – According to an on-chain data provider, 1,850 worth $175.7 million have landed on major crypto exchange Binance in recent hours.
The transaction has caught the attention of the crypto community, involving a mysterious crypto whale that took a ride with 1,850 BTC, resulting in a staggering $13 million loss in just six days.
According to Lookonchain, six days ago the whale withdrew 1,850 BTC worth $188.7 million from Binance at $101,998. A few hours ago, the whale deposited a whopping 1,850 BTC stash to Binance, which was worth $175.7 million at the time of the transfer, with Bitcoin’s price at $94,963, resulting in a loss of $13 million over six days.
Withdrawals from exchanges often signal buying, while deposits indicate an intent to sell.
The withdrawal of 1,850 BTC may have been made with positive expectations for the Bitcoin price, but the whale reversed course and redeposited the exact 1,850 BTC back to Binance, albeit at a significantly lower price of $94,963 per BTC, for a total of $175.7 million. The move effectively locked in a $13 million loss, a confusing decision that has fueled speculation about the whale’s intentions, which remain unknown.
One potential explanation is that given the current market uncertainty, the whale could have sold to avoid further losses. It is also possible that the whale has miscalculated the entry and exit points, leading to an unintended loss.
Bitcoin price action
At the time of writing, BTC had fallen 3.40% in the last 24 hours to $91,000 amid an ongoing market selloff that saw $479 million in liquidations.
After a brief consolidation between $93,600 and $95,400 over the weekend, Bitcoin reached highs of $95,900 in Monday’s session, but bulls encountered resistance and the price fell sharply.
On the macroeconomic front, this week will give investors a clearer picture of the state of the economy after last week’s blowout jobs data pushed markets down. The stronger-than-expected non-farm payrolls report raised concerns that the Federal Reserve may act cautiously going forward, casting doubt on further rate cuts.
