PakGazette – According to an on-chain data provider, 1,850 worth $175.7 million have landed on major crypto exchange Binance in the past few hours.
The transaction has caught the attention of the crypto community, involving a mysterious crypto whale making a round trip 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 the entire stash of 1,850 BTC on Binance, which was worth $175.7 million at the time of transfer, with the price of Bitcoin at $94,963, resulting in a loss of $13 million. dollars in six days.
Withdrawals from exchanges often indicate a purchase, while deposits indicate an intention to sell.
The withdrawal of 1,850 BTC may have been made with positive expectations about the price of Bitcoin, but the whale changed course and re-deposited exactly 1,850 BTC on Binance, albeit at a considerably lower price of $94,963 per BTC, for a total of $175.7 million. The move effectively resulted in a $13 million loss, a baffling decision that has sparked speculation about the whale’s intentions, which remain unknown.
One possible explanation is that, given the current market uncertainty, the whale could have been sold to avoid further losses. It is also possible that the whale miscalculated the entry and exit points, causing an unwanted loss.
Bitcoin price action
At the time of writing, BTC was down 3.40% in the last 24 hours to $91,000 amid an ongoing market sell-off that generated $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 the 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 following last week’s spectacular jobs data, which pushed markets lower. The better-than-expected nonfarm payrolls report fueled concerns that the Federal Reserve may act cautiously in the future, raising questions about additional interest rate cuts.
