A major Bitcoin whale has recently withdrawn 250 BTC from Binance after being inactive for six months. The value of these coins is $15.6 million, according to Lookonchain.
Crypto Whale Loses $46M on Bitcoin Investment
This whale purchased Bitcoin worth millions of dollars earlier this year and is still holding it. Between March 14 and April 13, the whale bought 10,158 BTC at an average price of $67,026 per Bitcoin, which totals approximately $681 million. However, with the current Bitcoin price being lower than the price which the whale bought them, the investor has made a huge loss. The whale has lost approximately $46 million on its BTC investment at today’s price.
This latest dump of 250 BTC has raised eyebrows in the crypto sphere, more especially because the BTC whale has been aggressively amassing the digital asset. It is also interesting that the whale took no action for half a year and then suddenly decided to do something. Despite the fluctuations in the market within the past couple of months, it is still unclear whether a whale wants to keep his remaining Bitcoins or not.
Bitcoin Whale’s Action Signals Possible Market Shift
This action is not surprising because the crypto market is volatile and there is always certain danger in holding lots of digital currency. Similarly, the observed action of the whale shows that it may be preparing for future shifts in the market. As the price of Bitcoin keeps shifting, people such as investors and analysts will be keen to observe the actions of whales such as this one reported by Lookonchain.
Source: https://blockchainreporter.net/bitcoin-whale-withdraws-250-btc-from-binance-after-6-months-of-dormancy/