According to Lookonchain data, a crypto whale recently withdrew 800 BTC from Binance. This is the same whale who previously lost $40 million on poorly-timed trades.
800 BTC Withdrawal
According to data provided by Lookonchain, a whale recently withdrew a total of 800 BTC (more than $45.37 million) from Binance. This is the same whale who foolishly lost a whopping $40 million with some poorly-timed trades. On September 3, the whale purchased $19 million worth of Bitcoin, expanding their $136 million buying spree. Prior to that, the whale sold nearly half a billion dollars worth of Bitcoin between June 27 and July 8.
Decrease in Whale Transactions
Despite some massive transfers that are occasionally recorded by analytics firms, whale transactions are getting less frequent, according to Santiment. The firm recently pointed to the fact that there has been a substantial decline in whale transactions since mid-August. Bitcoin, for instance, experienced a 33% drop in transactions that exceeded the $100,000 mark since its April peak. This shows that major players currently remain on the sidelines, waiting to place their bets when the market enters a phase of extreme fear or extreme greed.
Market Prospects
Whether the whale will be able to bounce back with the most recent trades remains to be seen. The largest cryptocurrency is currently trading at $58,113 after adding 2.6% over the past 24 hours. Thus, it is safe to suggest that such transactions will likely remain suppressed for now until another major move.
The current drop in whale transactions could be temporary. Major transfers will continue to be closely watched, waiting for the next significant market move.
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