Gigantic Outcome: Whale Liquidates Millions in WBTC After Weeks of Market Tension

One of the largest Wrapped Bitcoin wallets has activated a position withdrawal plan after weeks operating on the brink of collapse. According to TechFlow, on November 20th, an address holding 1,320 WBTC through leverage strategy executed an emergency operation, unloading 175 units in just 5 hours to recapture liquidity in USDC.

The Liquidation Trigger

The drama began when Bitcoin reached the $100,000 mark in early November (5). At that moment, the whale found itself dangerously close to the margin limits of its position, forcing it to adopt an aggressive deceleration strategy. The conversion of WBTC to USDC at that time reflected not only a tactical necessity but a fundamental shift in exposure to the asset class.

Numbers Revealing the Extent of Exposure

In the 15 days following the first cut, the selling pattern accelerated. The address completed the transfer of 725.8 WBTC, turning them into $71.81 million in stablecoin. The average conversion price hovered around $98,939 per Wrapped Bitcoin unit, indicating that the timing of sales was more defensive than speculative.

The Remaining Position

Even after substantial withdrawals, the address continues to carry significant exposure to Bitcoin. The remaining 618.2 WBTC are valued at approximately $57 million at current prices. This decision to retain part of the position suggests that the holder still bets on the asset’s trajectory, but with a much larger safety margin.

The episode illustrates how large players navigate between opportunity and risk when operating with leverage in volatile markets. The ability to quickly convert WBTC into USDC was decisive in avoiding a more critical scenario.