Once again, large investors exit quietly. A holder of nearly $30 million worth of WBTC seems to have completely liquidated their position.

This on-chain player entered the market during the rebound at the end of October last year, at a time when BTC was in the first rebound phase after reaching a historical high and then falling back. Between October 22 and 26, they accumulated WBTC in batches at an average price of $113,012.84, ultimately holding 264.86 WBTC.

However, after three months of holding, the expected big rally did not materialize. Recently, during a wave of upward movement, this individual transferred all their holdings to a major exchange. The WBTC price at the time of deposit was $93,823—significantly lower than the initial purchase cost.

If sold at this price, the paper loss would be as high as $5.082 million. There are no eternal winners in the crypto world, and on-chain data silently illustrates this truth.