On-chain data monitoring shows that a top address accumulated a large amount of WBTC over four days in late October this year. From October 22 to 26, this address bought a total of 264.86 WBTC on-chain at an average price of $113,012.84, with a total investment close to $30 million.

However, the story did not unfold as this major holder hoped. After waiting for three months, this address transferred all its WBTC to a major exchange just 4 hours ago, at a BTC price of $93,823. At this point, if they liquidate everything, they will face a loss of $5.082 million — the significant gap between the cost basis and the current price vividly reflects the intense volatility of the Bitcoin market during this cycle.

This operation also serves as a warning to market participants: even large holders' positions are not guaranteed to be profitable, as market conditions often change unexpectedly.