A Bitcoin BTC/USD whale suffered a loss of $4.8 million, highlighting the that even high-stakes cannot escape the inherent risk involved with trading.
What Happened: Lookonchain data showed Bitcoin whale purchasing 855 BTC at an average price of $63,878 in July and selling 297 BTC at a loss during the market crash on Aug. 5. The whale sold another 300 BTC on Aug. 23 and is left with 259 BTC and a total loss of $4.8 million.
The whale earlier purchased 210 BTC at an average price of $62,337 on Feb. 29 and March 2, only to sell on March 6 at $65,165 for a profit of just $528,000. Bitcoin later broke $73,000 on March 14.
Also Read: MicroStrategy’s Bitcoin ‘Strategy Playbook’ Explained: Will Others Follow This ‘Radical Step’?
Why It Matters: The trading activity of Bitcoin whales can significantly impact the cryptocurrency market. Large buy or sell orders can cause drastic price fluctuations.
Crypto chart analyst Ali Martinez highlighted the Bitcoin bull-bear market indicator oscillating between bearish and bullish since early August.
CrediBULL Crypto revealed that he adjusted his short position on BTC due to its resilience and raised the targeted profit level to a more conservative goal, saying, "If we get range lows, may look to long."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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