The post How Lack of Patience Cost This Bitcoin Whale $13 Million? appeared on BitcoinEthereumNews.com.

The crypto market’s versatile events influence investors’ decisions, sometimes even for the worse. A Bitcoin Whale’s recent BTC handling strategies and decision is an example of that. It lost $13M after making the wrong decisions one after another, and all this happened in just six days. So, let’s discuss what went wrong. Bitcoin Whale Faces $13M Loss With BTC Price Struggles Lookonchain’s X post highlights a crypto whale’s strategy failure, as the whale withdrew massive BTC holding at a high. Six days ago, the way withdrew 1,850 BTC, worth $188.7 million, from popular crypto exchange Binance. At that time, the Bitcoin price was nearly $102k, the peak point in weeks. To some extent, this withdrawal decision portrays confidence in further price rallies or the need for liquidity outside the exchange. In contrast, it became a $13M loss lesson as the BTC price declined, reaching the week’s bottom at $91.9k. After six days, the Bitcoin whale resurfaced but for depositing the exact same amount of BTC back to the Binance. However, instead of the $102k, the price had lost significant value, trading at just $94.6K. Eventually, the whale lost $13M within six days due to a lack of patience. Although evaluating or predicting Bitcoin’s next move is challenging, analysts fear a further drop amid Donald Trump’s inauguration and other macroeconomic events. Bitcoin’s Downtrend Continues, Price to Fall to $70k? At the time of writing, the Bitcoin price is $94,108, having dropped 5% over the week. This drop was behind the aforementioned Bitcoin whale’s $13M loss, but others might be facing losses, even a present, as the market is more volatile. The BTC active addresses dropped to months low of 667,100, clearly presenting the risky behavior around Bitcoin. Crypto analyst Crypto Patel predicts a potential drop to $70K-$75K amid this volatility. He…

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Filed under: News - @ January 13, 2025 8:17 am