Bitcoin Whale Takes Massive Loss with Recent Sale
08/23/2024 14:58After cracking under pressure during the crash in early August, the whale is selling Bitcoin at a loss once again
After cracking under pressure during the crash in early August, the whale is selling Bitcoin at a loss once again
According to data provided by cryptocurrency analytics firm Lookonchain, a Bitcoin whale recently liquidated a whopping $18.25 million worth of Bitcoin at a loss.
The whale initially purchased $54.6 million worth of Bitcoin at $63,878 last month. They liquidated a large chunk of Bitcoin (BTC) during the Aug. 5 market crash.
As reported by U.Today, the price of the leading cryptocurrency collapsed to as low as $49,557 on the Bitstamp exchange after global stock markets collapsed. For instance, Japan's Nikkei sank by as much as 10%. The whale ended up selling $15.8 million at a loss on that day only for the market to bounce back in a relatively short span of time.
Bitcoin regained the $60,000 level on Aug. 8, surging by almost 14% in a single day.
Fundstrat's Tom Lee recently opined that the strong and swift recovery speaks to the resilience of markets.
Despite making an extremely untimely trade earlier this month, the whale did not seem to learn their bitter lesson since they went on to sell another 300 BTC at a loss.
Notably, the whale did make a profit of $528,000 in March, but they sold their BTC less than two weeks before Bitcoin hit its current all-time high above the $73,000 level, thus missing out on more substantial gains.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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