How Lack of Patience Cost This Bitcoin Whale $13 Million?

Pooja Khardia
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How Lack of Patience Cost This Bitcoin Whale $13 Million?

Highlights

  • A Bitcoin whale lost $13M within just six days due to BTC price fluctuations.
  • The whale withdrew 1,850 BTC at $102K but redeposited them at $94.6K, resulting in a $13M loss.
  • This incident truly explains market volatility, but the Bitcoin price continues to struggle, creating fears of a crash to $70k.

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.

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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 whale loss

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 states that a break below the $92K (critical support level) could initiate a BTC price crash to $70K before rebounding to 160k-170k in the future.

Bitcoin price crash

Many other analysts have presented similar Bitcoin price predictions. Analysts hint at the possibility of a downtrend with Trump operating his crypto promises. However, once things settle, bulls can resurface, pushing BTC price to new highs.

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Key Takeaway From This Crypto Whale’s Experience’

Crypto whales are often given significant importance in the market due to their high holdings. Because of this, their influence is high on the community, where many investors follow their buying and selling patterns in the hope of returns, but the aforementioned Bitcoin whale incident shows why not to. The whale lost $13M within just six days after withdrawing assets at a high and depositing at a low. Things went wrong as Bitcoin prices declined, leaving price gaps amid volatility. Such volatility may be seen again around January 20, Trump’s inauguration, so analysts suggest more careful trade placement in this period. More importantly, patience and a calm mind are needed to navigate the volatility, as fluctuation could settle with time, but selling at the wrong time would only bring losses.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.