Ethereum Whale Loses $4 Million Amid Market Downturn
An Ethereum whale recently experienced a significant loss of nearly $4 million after purchasing 8,825 ETH shortly before the market took a downturn, according to data from the crypto tracking platform Lookonchain.
The whale acquired the Ethereum stash for $27.96 million, averaging $3,169 per ETH, between July 27th and August 3rd through Binance. However, following a market drop on August 4th, the value of Ethereum declined sharply.
On Monday, the whale transferred the entire holding back to Binance, receiving $24 million, resulting in a loss of $3.96 million.
Lookonchain also observed that institutions seemed to be offloading Ethereum on the same day.
READ MORE:
Toncoin Recovers After Network Outage, But Price Remains Under PressureAmber Group, a digital asset financial services firm, moved 6,443 ETH worth $17.62 million to Binance and Kraken, while crypto trading firm Cumberland transferred 6,439 ETH valued at $17.66 million to Binance.
As of now, Ethereum is trading at $2,573, reflecting a nearly 4% drop in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ADA Price Breaks Key Resistance: Is Cardano Set for a Major Rally?
Worldcoin (WLD) Surges Amid Legal Challenges and Speculation on OpenAI Integration
Ethereum Boosts Altcoin Surge with Significant Rally
In Brief Ethereum surged nearly 20%, fueling a broader altcoin rally. Technical indicators show strength, yet new altcoin season debate persists. Growth in ETH and altcoins challenges Bitcoin's dominance amid market shifts.
Ethereum Outshines Bitcoin with Impressive Surge
In Brief Ethereum's price surged past $1,900, outpacing Bitcoin significantly. Institutional investments drove Ethereum's substantial upswing post-Pectra update. Potential record surge may push Ethereum above $6,000, exciting cryptocurrency enthusiasts.
Trending news
MoreCrypto prices
More
