A Bitcoin whale finished an extended cryptocurrency transaction by transferring 800 BTC worth $74 million back to Binance

This final deposit, made three hours ago, marks the end of a month-long process of unstaking and offloading 2,000 BTC that came from Binance withdrawals

A Bitcoin whale has concluded a massive cryptocurrency transaction with a final deposit of 800 BTC, valued at $74 million, credited back to Binance in the past three hours, according to recent blockchain information.

This marks the culmination of a month-long process where the whale unstaked and offloaded 2,000 BTC from Binance in April 2024. The initial withdrawal of 2,000 BTC occurred between April 10-12, 2024, when Bitcoin was trading at nearly $98,896. At that price, the whale’s original investment is estimated at $197.8 million.

This $BTC whale deposited the remaining 800 $BTC($74M) to #Binance 3 hours ago, with a total loss of $25M.

Between April 10–12, 2024, he withdrew 2,000 $BTC($197.8M) from #Binance at $98,896 and staked it. About a month ago, he began unstaking and gradually depositing the $BTC…https://t.co/1VNsC727sZ

— Lookonchain (@Lookonchain) August 7, 2024

According to blockchain analytics obtained from Lookonchain, the whale initiated BTC staking through Babylon a week ago. The whale conducted ten transactions that involved staking 200 BTC each, resulting in a total of 2,000 BTC being held within the Babylon platform.

The whale commenced the BTC unstaking process through Babylon approximately one month ago by sending transfers of 200 BTC back to Binance. The whale made their largest BTC transfer of 799.99 BTC a few hours ago, which represents several smaller transfers and holds a market value of $73.97 million at the present time. Throughout this process, the total realized loss reached $25 million.

The Bitcoins are returning to Binance after a substantial reduction from the initial BTC deposits at nearly $98,896.

Strategic Exit or Market Miscalculation?

The whale’s strategy highlights the complexities and potential risks faced by Bitcoin investors when managing large amounts in markets known for their volatility.

From a strategic perspective, the whale might have withdrawn funds to lower losses during market deterioration or to prepare for upcoming financial movements. The large scale and timing of the loss have drawn attention from investors as they follow Bitcoin market volatility concerns closely.

Market Impact

When large whales make movements throughout the market, their activities create noticeable effects. Traders should expect elevated market liquidity after Binance lets 2,000 BTC into circulation, which could potentially lead to increased selling activity. The market will follow closely to see if the whale restarts staking operations or persists with liquidation moves, or selects new investment opportunities.