A trader in Bitcoin was panicked by the recent decline and sold at a loss.
The on-chain analysis account Lookonchain’s Twitter post on March 19 included a mention of a trader’s selling Bitcoin at a loss.
In a panic as the price of Bitcoin began to fall, the investor sold 630 BTC at a loss during the day. The investor, who bought 1,332 Bitcoin worth $90.8 million when Bitcoin experienced a %7 pullback from the peak on March 16, panicked as the prices fell yesterday.
Although the investor did not sell all of the Bitcoin they bought, they sold nearly half at a %7 loss. An examination of the trader’s wallet revealed that they had 2,207 Bitcoin worth $138 million. The whale generally conducts transactions through Binance and their own wallet.
The Bitcoin decline is estimated to have deepened more than it should due to such panic sales.
According to CoinGecko data, Bitcoin has experienced a 14% decline in the past week and is currently trading at $62,490.
