And a Whale Gave Up: Sold All the Bitcoin It Had Accumulated Last Year at a Loss—Here’s the Average Purchase Price and Loss

According to on-chain data, a large Bitcoin whale completely closed its position of 1,105 $BTC today, which it had held for approximately 7 months. The current value of these Bitcoins is estimated at around $69.43 million, meaning the whale incurred a loss of $26.9 million from this transaction.

According to the data, the whale withdrew $BTC from Binance and OKX exchanges between November last year and February this year at an average cost of $87,181, transferring the assets to its on-chain wallet. However, today all of these $BTC were sent back to Binance. This transfer was interpreted as the whale closing its position at a loss.

On the other hand, CryptoQuant data revealed a remarkable increase in Bitcoin network activity. According to the report, although Bitcoin network activity has only reached about 7% of its all-time peak seen in September 2024, it has risen above its long-term trend line for the first time since mid-2024. CryptoQuant stated that the main reason for this increase is the large number of small-scale transactions rather than traditional economic payment activities.

In 2026, the number of daily transactions on the Bitcoin network is projected to exceed 800,000, more than double the low point reached in 2025. This figure also approaches the peak levels of the 2023-2025 cycle. According to CryptoQuant, this increase indicates a more structural change rather than a short-term fluctuation.

The report specifically noted that small transactions below 0.01 $BTC accounted for approximately 80% of total transactions. This figure was around 44% in 2023. CryptoQuant stated that this change is closely related to the use of OP_RETURN hovering near historical highs.

*This is not investment advice.