Another on-chain liquidation scene. A wallet holding 110,000 WBTC purchased at the time of entry has now dropped to 90,000 and cannot be held any longer.

According to on-chain data monitoring, a major transaction just occurred: 378.11 WBTC were transferred to an exchange, with this asset valued at $34.3 million. The background is that this wallet, during the late October market rally, accumulated at an average price of $110,504 on the chain and has held on for three months.

If this is truly a signal of liquidation, it means this large holder will face an unrealized loss of $7.483 million. The decline from the average price to the current price vividly illustrates the stark contrast between the market's enthusiasm at that time and its current indifference. Three months of persistence ultimately couldn't withstand the volatility of WBTC.

This passive liquidation by large on-chain holders often reflects the psychological boundaries of market participants—plans to hold to the end are often completely altered at a certain price point.