Giant Cryptocurrency Whale Panicked and Sold at the Bottom: Loss $12 Million

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Bitcoinsistemi2024/08/09 06:54

By:Mete Demiralp

The giant crypto whale, who had previously made large purchases, sold at the bottom price level and lost $12 million.

According to data provided by cryptocurrency analysis platform Lookonchain, a major cryptocurrency whale has suffered a significant loss with his recent trades.

Onchain data shows that the whale wallet in question accumulated Ethereum (ETH) between June 22 and August 4, ahead of the massive cryptocurrency dump.

The whale withdrew 14,384 ETH worth $47.34 million via cryptocurrency exchange Binance at an average price of $3,291. The whale made only one of his six separate purchases when the ETH price was below $3,000.

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Following the massive crash in the market over the weekend and this week, the panicked whale moved all of its ETH to the cryptocurrency exchange Binance at $2,417, losing $12.57 million.

At the time of writing, the cryptocurrency market has seen a relative recovery. ETH is currently trading at $2,571. Bitcoin, on the other hand, is currently trading at around $59,500, despite falling to around $49,000 during the decline.

*This is not investment advice.

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.

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