According to data provided by Lookonchain, a whale recently withdrew a total of 800 BTC (more than $45.37 million) from Binance.
As noted by the firm, this is the same whale who foolishly lost a whopping $40 million with some poorly-timed trades.
The whale in question purchased $19 million worth of Bitcoin on Sept. 3, expanding their $136 million buying spree.
Tomiwabold OlajidePrior to that, the whale sold nearly half a billion dollars worth of Bitcoin between June 27 and July 8.
These sales took place at price lows despite after the whale purchased Bitcoins at higher prices.
It remains to be seen whether the whale will be able to bounce back with the most recent trades.
The largest cryptocurrency is currently trading at $58,113 after adding 2.6% over the past 24 hours.
A drop 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.
As noted by Santiment, this does not necessarily have to be treated as a bearish signal. However, 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.
Hence, it is safe to suggest that such transactions will likely remain suppressed for now until another major move.
Arman Shirinyan
Godfrey Benjamin