Bitcoin Whales Move 1,500 BTC to CEX Amid $30 Million Loss – Insights from Recent Withdrawals

On October 10, COINOTAG reported insights from Spot On Chain, detailing significant activity among crypto whales. Four new entities, having previously withdrawn a total of 8,510 BTC from Bitfinex during the months of June and August, have now deposited 1,500 BTC (valued at approximately $92.95 million) into a centralized exchange over the last 30 hours. The average purchase price of these holdings stood at $64,434; however, the recent selling price was recorded at only $61,965. This discrepancy suggests that the whales currently face an estimated loss of around $30.54 million (-5.57%). Intriguingly, these entities still hold a substantial amount of approximately 7,010 BTC, equating to about $424.6 million in their wallets, indicating a strategic positioning amidst volatile market conditions.