David Edwards
According to data from cryptocurrency analytics firm Lookonchain, a Bitcoin whale recently sold $18.25 million worth of Bitcoin at a loss. The whale had initially bought $54.6 million worth of Bitcoin at $63,878 last month but decided to liquidate a significant portion during the market crash on August 5.
During this crash, the price of Bitcoin plummeted to $49,557 on the Bitstamp exchange, following a steep drop in global stock markets, with Japan’s Nikkei index falling by as much as 10%. The whale sold $15.8 million worth of Bitcoin at a loss on that day, only for the market to rebound quickly. By August 8, Bitcoin had regained the $60,000 level, surging nearly 14% in a single day.
Tom Lee of Fundstrat noted that the rapid recovery shows the resilience of the markets. Despite the poorly timed sale, the whale continued trading, selling another 300 BTC at a loss later on.
Interestingly, the whale did manage to make a profit of $528,000 in March. However, they sold their Bitcoin less than two weeks before it reached its all-time high of over $73,000, missing out on even greater profits.
