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According to the on-chain data provider, the number is 1,850 Bitcoin Its value reached $175.7 million on the major cryptocurrency exchange Binance In the last hours.
This trade caught the attention of the cryptocurrency community, as it involved a mysterious whale that made a round trip with 1,850 Bitcoin, resulting in a staggering $13 million loss in just six days.
according to LoconchineSix days ago, the whale withdrew 1,850 Bitcoin worth $188.7 million from Binance at a price of $101,998. A few hours ago, the whale deposited the entire amount of 1,850 BTC to Binance, which was worth $175.7 million at the time of the transfer, and the price of BTC was at $94,963, resulting in a loss of $13 million over six days.
Withdrawals from exchanges often indicate buying, while deposits indicate intent to sell.
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The 1,850 BTC may have been withdrawn with a positive outlook for the Bitcoin price, but the whale reversed course and re-deposited exactly 1,850 BTC to Binance, albeit at a much lower price of $94,963 per BTC, for a total of $175.7 million. The move effectively resulted in a loss of $13 million, a puzzling decision that sparked speculation about the whale's intentions, which remain unknown.
One possible explanation is that given the current market uncertainty, the whale may have sold to avoid further losses. It is also possible that the whale miscalculated the entry and exit points, resulting in an unintended loss.
Bitcoin price movement
At the time of writing, Bitcoin It fell 3.40% over the past 24 hours to $91,000 amid an ongoing market sell-off that saw $479 million liquidated.
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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 provide investors with a clearer picture of the state of the economy after last week's strong jobs data sent markets lower. A stronger-than-expected non-farm payrolls report raised concerns that the Federal Reserve may act cautiously going forward, casting doubt on additional interest rate cuts.
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