It’s a misconception that cryptocurrency whales always profit from their trades. Sometimes they incur losses, which raises questions about their decision-making processes. Additionally, their sell-offs can lead to diminished expectations within the crypto community regarding certain cryptocurrencies. Recently, the market has been buzzing about a whale who completed a significant sell-off at a loss.
A crypto whale initiated a strategic transaction on Binance, selling 4,775 MKR valued at $6.21 million between July 25 and November 2. This move was part of a larger strategy that the whale had been executing over time.
The whale had previously transferred 1,490 MKR worth $2 million on December 13 for sale and made another transfer of 3,285 MKR valued at $4.25 million to Binance just five hours prior to the final sale. These transfers were part of a calculated sell-off plan.
The entire lot of 4,775 MKR, which had an average purchase price of $1,324, was successfully moved and liquidated on Binance. The last sale was executed at an average price of $1,300 per MKR, culminating in a $110,000 loss for the whale. This strategic move ended a planned sale process that had started months earlier.
Despite the loss, the whale’s meticulous approach to offloading MKR assets sheds light on the complexity of crypto trading strategies. The decision to sell, guided by market conditions and current prices, emphasizes the importance of strategic planning, even when it results in losses. This strategic move highlights that market trends are not always evaluated with guaranteed profit in mind.