A large Bitcoin holder, a so-called whale, sold 800 BTC, recording a loss of $35.3 million. Analysts at Lookonchain claim that the investor completely sold off all his bitcoins amid the prolonged decline in the price of the leading cryptocurrency.
The Bitcoin whale built a personal Bitcoin reserve about seven months ago, withdrawing coins in batches from the Binance and OKX exchanges to a personal non-custodial address for long-term storage. The average purchase price was $106,866 per coin, and the total investment amounted to approximately $85.5 million.
All this time, the coins remained untouched. However, this week the wallet owner transferred all BTC to a Binance deposit address in a single transaction. As a result, the package was sold at an average price of about $62,800 per coin.
The proceeds amounted to $50.24 million, while losses from the transaction exceeded $35 million. Thus, the investor lost more than 40% of the initially invested capital, Lookonchain specialists clarified.
Analysts viewed the wallet owner's actions as capitulation—a situation where a market participant finally abandons holding an asset after a prolonged period of losses.
Earlier, experts from the on-chain platform CryptoQuant noted that Bitcoin whales have begun to reduce their holdings of the leading cryptocurrency. According to experts, the shift from accumulation to selling may not be a short-term phenomenon but part of a more sustained market trend.