Bitcoin Whale Sends 2,480 BTC to Binance, Sitting on $39 Million Loss
Summary
- On-chain analytics platform Lookonchain said a Bitcoin whale deposited 2,480 BTC into Binance.
- The holdings were worth about $161 million, and the transfer is estimated to have resulted in a loss of more than $39 million.
- The market is watching whether the exchange deposit by a large holder could lead to short-term selling pressure.
Forecast Trend Report by Period
A major Bitcoin holder appears to have incurred a loss of more than $39 million after transferring most of its holdings to Binance.
On-chain analytics platform Lookonchain wrote on X on June 22 that a Bitcoin whale identified by the address "bc1qhx" deposited 2,480 BTC into Binance.
The holdings are worth about $161 million. Transfers to exchanges are generally interpreted as a sign that a sale could follow.
Lookonchain said the whale bought 2,500 Bitcoin about a month ago for about $202 million. The average purchase price was $80,936 per coin.
After Bitcoin fell, the whale moved the remaining 2,480 BTC to Binance, a transfer estimated to have resulted in a loss of more than $39 million.
The market is watching whether the exchange deposit by a large holder could lead to short-term selling pressure. Whether an actual sale took place, however, would need to be confirmed through subsequent trading flows on the exchange.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
