Recent data from Lookonchain reveals that a major cryptocurrency whale has withdrawn 800 BTC, valued at over $45.37 million, from Binance.
This whale, who previously lost $40 million due to poorly timed trades, had purchased $19 million worth of Bitcoin on September 3 as part of a larger $136 million investment.
The whale withdrew 800 $BTC($45.37M) from #Binance again 17 hours ago!
But this whale has always bought $BTC at high prices and sold at lows in the past 3 months, losing more than $40M!
Address:
3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN pic.twitter.com/41V9HSlx6k— Lookonchain (@lookonchain) September 12, 2024
Earlier, the same whale sold nearly $500 million worth of Bitcoin between late June and early July at lower prices, despite buying them at higher rates.
It remains to be seen if these recent transactions will help the whale recover from past losses.
Bitcoin is currently trading at $57,850, reflecting a 2.6% increase over the past 24 hours.
Cryptocurrency investors are closely watching the Federal Reserve’s interest rate decision set for tomorrow.
Bitcoin and the crypto market as a whole experienced a swift recovery this past day, with most prices being in the green.
BlackRock’s IBIT Bitcoin ETF recorded its first daily net inflow in three weeks, bringing in $15.8 million.
Grayscale Investments’ Bitcoin Trust (GBTC) is still experiencing investor withdrawals, with an additional $20.8 million pulled out on Monday, as reported by Farside Investors.