A large on-chain whale has attracted attention. This individual spent nearly $30 million to build a position at the end of October last year, purchasing 264.86 WBTC in one go, with a cost basis of $113,012.84 per coin. It’s worth noting that at that time, BTC had just hit a new all-time high and was in the first wave of a correction rebound, so the timing seemed quite good.

The turning point came. After three months of holding, within the past few hours, he suddenly transferred all his tokens to an exchange. The price at the time of deposit had fallen to $93,823. Based on this price, the unrealized loss on paper is already $5.082 million.

If this transaction is truly sold, it would mean that a major holder optimistic about BTC’s future ultimately chose to cut losses. From a data perspective, such large-scale holdings’ abnormal movements often reflect a shift in market sentiment—worth paying attention to the current on-chain whale activity.