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Just now: A wallet group sold nearly 395 WBTC for a total of $26.5 million.
The average price was $67,063 per coin – and that is the crux of the story.
This entity had purchased the WBTC five months ago at a much better rate of $114,334 per piece.
Holding this position over the months resulted in a realized loss of about $18.68 million.
This is the classic case of a trader who wrongly hoped that the position would recover.
Interesting: With the current WBTC price of over $78,000, this sale would have been many times less painful today.
The price of $67,063 is well below that – showing how important timing is when exiting.
Holding such large positions and then losing them is an expensive lesson in the blockchain world.