On-chain analysts have discovered that a top wallet transferred 378.11 WBTC to a major exchange seven hours ago, worth approximately $34.3 million. The story behind this move is a bit heartbreaking — this address had been gradually building a position from October 21-26 last year, with an average cost of $110,504 per BTC. Calculations show that the holding has lasted over three months.

The current issue is that if this position is sold at the current price, it would face a loss of $7.483 million. Depositing funds to the exchange usually indicates readiness to trade. Is this whale cutting losses by selling, or are there other considerations? Market sentiment changes rapidly, and during this three-month holding period, there have indeed been many fluctuations.