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News - Bitcoin whale turns $30 million loss
A large Bitcoin investor, or "Bitcoin-whale," seems to have lost confidence and sold 1,500 BTC on the exchange Bitfinex.
The whale, who owns a total of 8,510 BTC (worth $519 million), recently sold some of his coins. According to on-chain service Spot On Chain, the whale deposited 1,500 BTC (91 million) on Bitfinex.
The entity of 4 fresh whales that withdrew 8,510 $BTC from Bitfinex in June and August has deposited 1,500 $BTC ($92.95M) back to the CEX in the last 30 hours!
— Spot On Chain (@spotonchain) October 10, 2024
Their average accumulating price was $64,434, but their unloading price is only $61,965. At current prices, the whales… https://t.co/oUBqVuIAs6 pic.twitter.com/znpKQrKwri
What is striking is that the whale had only pulled this 8,510 BTC from the exchange in June and August. Now he seems to have partially abandoned his long position. The whale sold the 1,500 BTC for $91 million, representing a loss of 5.6 percent, as the coins had been bought at an average price of $64,434 each.
Still, he continues to own 7,010 BTC, which remain on his wallets. The movements of this whale are publicly available to follow.
Bitcoin whales are large BTC investors who own at least 1,000 BTC. Their transactions are closely watched by market observers because they are seen as influential players in the market.
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