A cryptocurrency whale recently sold 100 Bitcoin (BTC), valued at approximately $5.35 million, making a profit of $206,000. This transaction occurred when the price of Bitcoin was just a little above the breakeven price of a whale. The transaction was shared by Lookonchain on X, formerly Twitter.
A whale sold 100 $BTC($5.35M) for a profit of $206K when the price dropped close to its breakeven.
Data from @intotheblock shows that 836K addresses bought ~402.8K $BTC($21B) at a price between $51,113 and $54,303.
These addresses are likely to sell near the breakeven.… pic.twitter.com/Ji7w9o0qig
— Lookonchain (@lookonchain) September 7, 2024
$21B in Bitcoin at Risk as Investors Face Key Price Decision
As per the details from Intotheblock, a blockchain analytics platform, approximately 836000 addresses have been identified to have bought about 402800 BTC for a total value of nearly $21 billion in between $51113 to $54303.
These addresses which represent investors that purchased the currency at these price levels are now in a position where they have to make a decision. Since the price of Bitcoin remains near their break-even levels, it is possible for many of these investors to dispose their investments to cover losses or even to consolidate their gains.
Market Participants Watch Closely Whales Movements
This recent sale made by the whale proves that some significant investors are already making some moves due to the volatile market prices. Such users are usually referred to as whales and their behavior may influence others in the market due to its large amount.
Unfolding the cryptocurrency market, it will be quite crucial in observing how many of these addresses will be liquidated in the near future as this can potentially decide the future trend of Bitcoin in the short term. This scenario, reported by Lookonchain, remains as a reminder to many investors in cryptocurrency that there is always a thin line between making a profit and experiencing a loss.