Synthetix Whale Deposits 1.05M $SNX into Binance, Facing a Loss of $216K

A recent whale activity concerning $SNX has reportedly resulted in a significant loss. As per the famous on-chain analytics provider Lookonchain, a whale recently deposited up to 1.068 million $SNX tokens, incurring losses instead of profit. The analytics company took to its official X account to provide the details of this incident.

A whale deposited 1.068M $SNX($2.1M) into #Binance 4 hours ago and lost $216K!

This whale withdrew 1.068M $SNX($2.316M) from #Binance at $2.17 on Jan 30, Jul 12, and Aug 24, 2023.

In May 2024, he had an unrealized profit of $3.12M, but he did not sell it then.… pic.twitter.com/U4frtgn2Hb

— Lookonchain (@lookonchain) July 21, 2024

A Whale Incurs a Loss of $216K after Depositing 1.05M $SNX into Binance

In its recent X post, the firm noted that the whale deposited these assets into the popular crypto exchange Binance. This move took place just 4 hours back. The above-mentioned amount of the deposit had a value of almost $2.1 million). Nonetheless, following the deposit, the whale experienced a huge loss of approximately $216,000. The respective development has ignited substantial discussion across the crypto community.

The possible reasons behind these discussions take into account the whale’s former activities. In addition to this, the community members are also speculating about the enormous implications of the whale’s exclusive transaction. The whale had extracted the deposited $SNX tokens with a value of up to $2.316 million from the same exchange on 3 different occasions.

The Former Activities of the Whale Show a Movement Pattern, Profiting from Price Fluctuations

The respective dates take into account August 24, July 12, and January 30 last year. At that time, the $SNX token’s price was standing at $2.17 per coin. This signifies a strategic movement pattern. It potentially discloses the investment or trading strategies targeting profiting from the price fluctuations. It is noteworthy that the whale’s unrealized profit equaled $3.12M in May this year.

Source