New BTC Whales Incur $690 Million Losses, Largest in 3 Years
CryptoNewsTerminal Staff07 Aug, 2024
New BTC Whales Incur $690 Million Losses, Largest in 3 Years
This marked the largest loss since May 2021, according to a report by Julio Moreno, head of research at CryptoQuant X. The report stated that "the vast majority of the sell-side volume is coming from new whales. Long-term holders are now starting to sell." As of August 5, 2023, new whales have already recorded $688 million in losses. This is a significant increase from the previous month, when new whales lost $250 million. One possible reason for the increase in losses is that new whales are more likely to panic sell during market downturns. They may also be more likely to buy at the top of the market, which would lead to larger losses when the market corrects. Whatever the reason, the losses incurred by new whales are a reminder that the cryptocurrency market is still volatile and that even large investors can lose money.
