PK Press Club – According to an on-chain data provider, 1,850 worth $175.7 million landed on leading crypto exchange Binance in recent hours.
The transaction caught the attention of the crypto community, involving a mysterious crypto whale that made 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 a price of $101,998. A few hours ago, the whale deposited the entire 1,850 BTC stash on Binance, which was worth $175.7 million at the time of transfer, with Bitcoin price at $94,963, leading to a loss of $13 million over six days.
Withdrawals from exchanges often signal a purchase, while deposits indicate an intention to sell.
The 1,850 BTC withdrawal may have been made with positive expectations for the price of Bitcoin, but the whale reversed course and redeposited the exact 1,850 BTC to 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 loss of $13 million, a baffling decision that sparked speculation about the whale’s intentions, which remain unknown.
A possible explanation is that, given the current market uncertainty, the whale could have sold to avoid further losses. It is also possible that the whale miscalculated the entry and exit points, resulting in an unintended loss.
Bitcoin Price Action
At the time of writing, BTC was down 3.40% over the past 24 hours, at $91,000, amid a continuing market sell-off that resulted in $479 million in liquidations.
After a brief consolidation between $93,600 and $95,400 over the weekend, Bitcoin reached a high of $95,900 during Monday’s session, but the bulls encountered resistance and the price fell sharply.
On the macroeconomic front, this week will provide investors with a clearer picture of the state of the economy following last week’s explosive jobs data, which pushed markets lower. The stronger-than-expected nonfarm payrolls report fueled concerns that the Federal Reserve may act cautiously in the future, casting doubt on further interest rate cuts.
