A certain large holder once built a position at a high level through a cycle loan method, investing approximately $263 million to deploy WBTC and ETH. Recently, after BTC broke through the 97K threshold, this whale began to cut losses — selling 300 WBTC and successfully cashing out 29.11 million USDT at a price of $97,053 to repay debts.

But behind this sale is a rather heavy bill. According to on-chain data retrospective, this trader started building the position as early as August last year. At that time, they bought 1,560 WBTC at an average price of $116,762, spending $182 million. During the same period, they also bought a large amount of ETH at $4,415 each.

From building the position to now selling at a loss, this large holder has realized a loss of nearly $39.15 million. The classic pattern of buying high and selling low, even for a whale, is not immune. This operation also serves as a reminder to the market — no matter how large the funds, market sentiment and cycles demand paying the price.