On-chain data shows that an address holding 378.11 WBTC was credited to a major exchange early this morning, amounting to a scale of $34.3 million. Interestingly, the source of this asset is traceable — this address purchased this batch of WBTC on the blockchain at an average price of $110,504 during a week in late October last year.

As of today, the price of BTC has risen sharply, and logically, this position should be showing unrealized gains. However, the data points to another possibility: if this deposit was indeed made to sell on the exchange, then this operation would face an unrealized loss of $7.483 million. It has been exactly three months since the purchase, and such a result is undoubtedly lamentable.

Was it forced to liquidate or actively reallocate? The market cannot provide the answer; only on-chain data will honestly record all of this.