As per a data provider that tracks blockchain transactions, around 1,850 Bitcoins valued at approximately $175.7 million have been transferred to the prominent cryptocurrency exchange Binance over the past few hours.
The recent cryptocurrency exchange event has sparked intrigue among the crypto enthusiasts. It centers around an enigmatic figure, known as a crypto whale, who moved 1,850 Bitcoins in a roundabout manner, leading to an astounding $13 million decrease within merely six days.
As reported by Lookonchain, approximately 6 days ago, a large Bitcoin holder (referred to as a “whale”) withdrew roughly 1,850 BTC, equivalent to around $188.7 million at the exchange rate of $101,998 from Binance. Recently, this same whale has transferred all 1,850 BTC back into Binance, which was valued at about $175.7 million during the transfer due to a drop in Bitcoin’s price to $94,963. This action resulted in a loss of around $13 million for the whale over a period of 6 days.
6 days past, a significant investor withdrew approximately 1,850 BTC (worth about $188.7 million) from Binance when the price was at roughly $101,998.
In the last 8 hours, this same investor deposited around 1,850 BTC (approximately $175.7 million) back into Binance, but this time at a lower price of $94,963.
Over the past 6 days, this whale has incurred a loss of approximately $13 million.
— Lookonchain (@lookonchain) January 13, 2025
Withdrawals from exchanges often signal to buy, while deposits indicate an intent to sell.
Initially, the large Bitcoin user (referred to as a ‘whale’) might have withdrawn 1,850 BTC, anticipating an increase in Bitcoin’s price. However, this whale later changed their mind and put back the exact same amount of 1,850 BTC into Binance, but at a significantly lower price of $94,963 per BTC, making a total deposit of approximately $175.7 million. This action resulted in a loss of around $13 million for the whale, a move that leaves many puzzled as to their motives, with people speculating about their intentions, which remain unclear.
One plausible theory could be that due to the present market instability, the whale might have chosen to sell in order to prevent additional financial setbacks. Alternatively, it’s conceivable that the whale made a miscalculation regarding the appropriate buying and selling points, resulting in an unexpected loss.
Bitcoin price action
Currently, Bitcoin (BTC) has decreased by 3.40% over the past 24 hours to reach approximately $91,000. This downward trend coincides with a continuous market sell-off, resulting in around $479 million worth of liquidations.
Following a short period of stability ranging from $93,600 to $95,400 throughout the weekend, Bitcoin peaked at $95,900 during trading on Monday. However, as bulls met opposition, the value plummeted significantly.
This upcoming week could offer investors a more defined understanding of the economic situation, building upon last week’s robust jobs report that caused markets to dip. The unexpectedly strong nonfarm payroll figures have sparked worries about the Federal Reserve potentially adopting a cautious approach in the future, which might imply fewer interest rate reductions ahead.
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2025-01-13 16:51