According to onchain data provided by Lookonchain, a massive crypto whale appeared to panic and sell off its holdings during the recent drop.
According to the data, the whale in question sold 800 BTC worth $48.5 million today after the BTC price dropped.
This whale had accumulated 11,659 BTC worth $727 million at an average of $62,362 since June 19. The whale has sold 10,345 BTC, or $619 million, at an average of $59,847 to date. The whale lost $26 million in total from these sales.
The giant wallet currently holds 8,936 BTC worth $540 million.
Bitcoin price is down nearly 2% in the last 24 hours and is hovering around $59,600.
The declines came after the US inflation report released today came in higher than expected.
*This is not investment advice.