According to data provided by cryptocurrency analytics firm Lookonchain, a Bitcoin whale recently liquidated a whopping $18.25 million worth of Bitcoin at a loss.
The whale initially purchased $54.6 million worth of Bitcoin at $63,878 last month. They liquidated a large chunk of Bitcoin (BTC) during the Aug. 5 market crash.
As reported by U.Today, the price of the leading cryptocurrency collapsed to as low as $49,557 on the Bitstamp exchange after global stock markets collapsed. For instance, Japan's Nikkei sank by as much as 10%. The whale ended up selling $15.8 million at a loss on that day only for the market to bounce back in a relatively short span of time.
Bitcoin regained the $60,000 level on Aug. 8, surging by almost 14% in a single day.
Fundstrat's Tom Lee recently opined that the strong and swift recovery speaks to the resilience of markets.
Despite making an extremely untimely trade earlier this month, the whale did not seem to learn their bitter lesson since they went on to sell another 300 BTC at a loss.
Notably, the whale did make a profit of $528,000 in March, but they sold their BTC less than two weeks before Bitcoin hit its current all-time high above the $73,000 level, thus missing out on more substantial gains.
Arman Shirinyan
Dan Burgin
Vladislav Sopov