Whale deposits 2480 BTC to Binance, facing estimated $39M loss

According to Lookonchain, a whale address identified as 'bc1qhx' has deposited 2,480 BTC, worth approximately $161 million, to Binance. The address is known to have purchased 2,500 BTC about a month ago at a price of $80,936 per BTC, for a total of around $202 million. Based on the current deposit, the whale is facing an unrealized loss of over $39 million. Deposits to exchanges are typically interpreted as an intention to sell.