Whale Loses $26.9M as Bitcoin Network Activity Surges

A large Bitcoin whale closed its position of 1,105 BTC today after holding it for approximately 7 months. The current value of these Bitcoins is around $69.43 million, resulting in a loss of $26.9 million from this transaction.

The whale had accumulated the BTC between November last year and February this year at an average cost of $87,181. It withdrew the assets from Binance and OKX exchanges during this period before transferring them to its on-chain wallet. Today, all 1,105 BTC were sent back to Binance, indicating a closure of the position at a loss.

CryptoQuant data reveals an increase in Bitcoin network activity, with small-scale transactions driving the growth. Although activity has only reached about 7% of its all-time peak seen in September 2024, it has risen above its long-term trend line for the first time since mid-2024. This change is closely related to the use of OP_RETURN hovering near historical highs.