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Ember monitoring reported that a Bitcoin (BTC) whale, who recently accumulated BTC at an average price of $58,604, incurred a loss of approximately $3 million in a transaction. The whale’s loss caught the attention of many investors in the highly volatile market conditions where the price generally moved downward.
Whale Writes Off $2.97 Million Loss to Reduce Losses
A Bitcoin whale recently had to sell 1,000 BTC, purchased at an average price of $58,604, to minimize losses. This move resulted in a $2.97 million loss for the whale.
According to Ember monitoring, the crypto whale withdrew approximately 2,322 BTC worth $136 million from Binance between August 29 and September 3. The whale paid an average of $58,604 per coin, making them a significant Bitcoin investor. However, just 15 minutes before their last purchase, the whale transferred 1,000 BTC worth $55.63 million back to Binance and sold them.
The decision to sell 1,000 BTC indicates that the whale was trying to reduce losses amid the largest cryptocurrency’s price decline. The transfer of BTC back to Binance and the subsequent sale appear to be a move to stop further losses in a market that has been harsh on high-risk investors.
Price Drop Forced Investor to Act
The whale’s significant BTC sale at a loss reflects the selling pressure faced by both small and large investors in a declining and volatile market. Despite their substantial assets, whales are not immune to market downturns, and sometimes assets must be sold at a loss to manage risks in the crypto market, just like in the broader financial world.
Current data shows Bitcoin trading at $55,717, a 2.26% drop in the last 24 hours. This recent decline has pushed the crypto king’s loss over the past seven days to more than 6%.
