Bitcoin Whale Sends 2,480 BTC to Binance, Facing $39 Million Loss
Summary
- On-chain analytics platform Lookonchain said a Bitcoin whale identified by the address "bc1qhx" deposited 2,480 BTC into Binance.
- The holdings are worth about $161 million, and the whale is estimated to have incurred a $39 million loss after buying 2,500 BTC for about $202 million a month ago.
- The market is watching whether a large holder's exchange deposit could lead to short-term selling pressure, though whether an actual sale took place will require further confirmation from trade flows.
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 June 22, on-chain analytics platform Lookonchain wrote on X 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 roughly $202 million. The average purchase price was $80,936.
After Bitcoin prices fell, the whale moved the remaining 2,480 BTC to Binance. The transfer is estimated to have resulted in a loss of more than $39 million.
Market participants are watching whether the exchange deposit by a large holder could add short-term selling pressure. Actual selling, however, would need to be confirmed by subsequent trade flows.
