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The price of Bitcoin (BTC) has failed to target the next highs. It remains stuck in the $61,000 range as the consolidation period has persisted. While many are anticipating new highs, the largest cryptocurrency is still below its all-time high (ATH) of $73,780, reached in March of this year. This has caused slight troubles for some investors.
According to Spot On Chain, a giant Bitcoin whale has faced losses amid Bitcoin’s sluggish performance. The leading crypto tracking service revealed that the whale has four fresh wallets, which were used to withdraw 8,510 BTC from Bitfinex in June and August of this year. However, the whale seems to lose their patience as they have now started to sell these coins.
Bitcoin whale loses patience
Spot On Chain revealed that the large investor has deposited 1,500 BTC back to the crypto exchange in the last 30 hours. The estimated value of these coins being sold is around $92.95 million. It is revealed that the whale bought all these coins at an average price of $64,434. However, the selling price is merely $61,965.
The whale is currently facing a loss of around $30.54 million, or -5.57%, based on the current Bitcoin price. Notably, the whale still has 7,010 BTC, worth around $424.6 million, in their wallets. From the perspective of sentiment and Bitcoin trading behavior, it is likely that the whale may sell more coins in the near future.
Some may see it as panic selling as the whale is offloading its holdings at losses. It can also be assumed that the whale is anticipating a price crash, hence, reducing their BTC holdings to avoid further losses. While nothing can be confirmed about the whale’s motivation behind this decision, this selling activity can further hamper BTC's price growth.