Big wallets don't always buy bottoms or sell tops either — sometimes even long-term conviction trades end up getting cut at a loss. A Grayscale-associated wallet may be taking a painful exit on $BTC.

About 6 hours ago, wallet 0xbF7...92341 transferred roughly 9,450 BTC (worth around $18.63M) to a Coinbase Prime deposit address — a move that often signals preparation for selling or OTC execution.

What makes it sting is the cost basis.

Tracing the wallet history back, the #BTC was reportedly accumulated between March and June 2024, when the address withdrew a total of 28,750 BTC from Binance at an estimated average price near $62,400 — roughly a $179M position at the time.

The latest transfer happened at an estimated value around $41,200 per BTC, meaning if this batch is sold, the realized loss on the 9,450 BTC alone could be roughly $199.9M.