According to data provided by cryptocurrency analytics firm Lookonchain, a whale recently sold $18.25 million worth of Bitcoin at a loss due to a market crash.
First Bitcoin Sale
The whale initially purchased $54.6 million worth of Bitcoin at $63,878 last month. They liquidated a large chunk of Bitcoin when the price dropped to $49,557 due to a global economic downturn.
Bitcoin Recovery
Bitcoin regained the $60,000 level on August 8, surging by almost 14% in a single day. Fundstrat's Tom Lee noted that the strong and swift recovery speaks to the resilience of markets.
Repeated Sale
Despite the losses, the whale continued to sell Bitcoin, losing another 300 BTC in the process. Notably, they made a profit of $528,000 in March but sold their Bitcoin less than two weeks before the price hit its current all-time high of $73,000.
Although the whale incurred significant losses, their actions underscore the importance of proper timing in the cryptocurrency market.
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