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 whale’s 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.

“Six 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 $130M—a 650x increase,”

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.

Stay updated with the latest cryptocurrency news and insights on Global Crypto News.

Post Views: 10