The price of Quant (QNT) has decreased by nearly 5% in the past 24 hours amid broader crypto market weakness, with Bitcoin trading near the $65,000 level.
While BTC and other top cryptocurrencies struggle due to current macroeconomic conditions, Quant faces additional downside pressure after a whale transferred over 118,000 QNT tokens to the Kraken crypto exchange.
QNT, which traded at highs of $102 on May 21, is currently hovering around $79.85. Bulls are under pressure, potentially leading to bears retesting lows last seen in June 2022.
Quant Whale Moves 118k QNT
According to data, a whale that received Quant tokens six years ago moved 118,009 QNT tokens to Kraken. The value of these tokens at the time was $9.76 million.
Another source noted the whaleβs transfer, highlighting that the wallet recently sold 8,050 QNT tokens as the price reached $92. This transaction coincided with an 11% dip in the QNT price.
βSix years ago, the address accumulated 326K $QNT, valued at just $200K at the time, and remained inactive for 6 years. It notably missed the 2021 uptrend, which could have brought its peak value to $130Mβa 650x increase,β
This decision to cash in now means the whale missed the opportunity for a $130 million windfall during the 2021 bull market. In 2021, Quant’s price rose to a peak of $427, but today’s value is about 81% down as bearish pressure mounts.
92% of Quant Addresses Currently in Loss
Data shows that for addresses that bought QNT between $59.22 and $98.17, only 20% are currently in profit. Nearly 57% are under water, while 23% are at the money. Zooming out to all addresses that currently hold QNT, on-chain data reveals nearly 92% are in loss with the price below $80.22.
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