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A Bitcoin whale lost $13 million in 6 days trading BTC following a series of bad decisions made over the last week.
During the same time as the whale’s trading decisions, Bitcoin’s price suffered a 5% correction. This pullback continued in the last 24 hours, resulting in BTC trading at $93,710.19 as of 2:47 a.m. EST.
Bitcoin Whale Suffers Major Loss On Binance
The Bitcoin whale’s trades were highlighted by on-chain analytics platform Lookonchain. In a Jan. 13 X post, the firm said that the whale initially withdrew 1,850 BTC, valued at $188.7 million, from Binance 6 days ago when the leading crypto’s price stood at $101,998.
6 days ago, a whale withdrew 1,850 $BTC($188.7M) from #Binance at $101,998.
8 hours ago, the whale deposited 1,850 $BTC($175.7M) to #Binance at $94,963.
Losing $13M in 6 days.https://t.co/sVYcWVjpqh pic.twitter.com/2lokPJTpmJ
— Lookonchain (@lookonchain) January 13, 2025
In the last 24 hours, the whale then deposited the same amount of Bitcoin on the centralized exchange, this time with BTC’s price standing at $94,963. This resulted in a $13 million loss, according to Lookonchain.
More Patience Might Have Led To A Profit For The Whale
While the crypto whale flagged by Lookonchain might have panicked and sold, analysts maintain an optimistic outlook for the flagship crypto. Pseudonymous analyst and trader Rekt Capital told his more than 529K followers on X that Bitcoin is in its “first price discovery correction.”
Bitcoin is in its first Price Discovery Correction
Here is a look at historical first Price Discovery Corrections:
2013: -75% in 13 weeks
2017: -34% in 3 weeks
2021: -31% in 4 weeks
2025: -15% in 4 weeks thus far
Of course, 2013 is the clear outlier
Perhaps 2017 &…
— Rekt Capital (@rektcapital) January 11, 2025
In a Jan. 11 X post, he said that the recent 15% correction in Bitcoin’s price has been “much shallower” when looking at historical “first price discovery corrections.”
Renowned trader and analyst Michael van de Poppe echoed a similar sentiment in a Jan. 11 X post. “I’m expecting that we’ll grind upwards from here,” he said.
Both analysts’ bullish outlook aligns with the current investor sentiment in the crypto market. The Crypto Fear and Greed Index currently stands at 61, signaling “Greed” in the market. This is slightly down from last month’s “Extreme Greed” reading of 83.
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