🐋 A Bitcoin whale sold 800 BTC for $50 million and locked in a $35 million loss

A wallet identified on-chain as 37BnFf sold 800 $BTC for approximately $50.24 million after holding the position for seven months, realizing an estimated $35.3 million loss. The wallet originally bought those same 800 $BTC at an average price of around $106,866 per coin by withdrawing from Binance and OKX during the November 2025 market peak. At the lows of this cycle near $59,130, the unrealized loss on those coins exceeded $38 million. Selling here at $62,000 to $63,000 locks in most of that loss permanently. This is what capitulation looks like at the individual account level — a large holder who bought near the top, held through a prolonged bear phase, and ultimately exited near the cycle lows rather than at a recovery. On-chain data showing this kind of forced or pain-driven selling has historically appeared in clusters near market bottoms rather than mid-cycle.