An Ethereum billionaire recently sold their entire stash of 10,701 ETH (around $33 million) in a notable transaction on the busy cryptocurrency platform, Binance.
According to reports from on-chain analysis firm Lookonchain, a significant crypto investor (referred to as a “whale”) sold off their entire holding of 10,701 ETH, equivalent to approximately $33 million, on the Binance exchange in the past few hours. The reason for this sale appears to be for repaying an outstanding debt.
Two hours ago, this whale on Binance liquidated a large position of $10,701 worth of Ethereum ($33M in total) to cover an outstanding debt, resulting in a loss of over $4 million. Previously, he had entered into a long Ethereum contract by depositing Ethereum and borrowing USDT on Compound to purchase more Ethereum. Unfortunately, this is the second time this investor has experienced significant losses from this strategy, with the first occasion resulting in a loss of approximately $500,000.
— Lookonchain (@lookonchain) April 16, 2024
The large-scale sale of Ethereum by the whale has attracted notice because it occurred during the unstable and uncertain Ethereum market conditions.
In the past few weeks, the price of Ethereum, the second largest digital currency in terms of market value, has seen considerable ups and downs. It has swung between $2,850 and $3,729 since early April.
Currently, ETH has dropped 4.92% within the last 24 hours to a price of $3,076. This marks the second consecutive day of losses, following its peak on April 15 at $3,281.
When Ethereum’s price dropped on Binance, a large investor with 10,701 ETH sold their stash. This is a common response among big investors when market prices decline, as they may choose to sell to recoup losses, pay off debts, or acquire new investment opportunities. In this instance, the debt repayment was the priority for this particular investor.
Despite the sale taking place at an unfavorable time, the investor, who deals with big investments, incurred a loss of $4 million.
Notable is the recent sell-off by an Ethereum whale, marking the second instance of this whale incurring losses.
Based on Lookonchain’s data, it appears that the large investor, or “whale,” suffered a loss of around half a million dollars by selling their Ethereum (ETH) at a price lower than what they originally paid for it. This incident prompts speculation about the effectiveness of the whale’s trading tactics and their market timing skills.
Based on Santiment’s analysis, Ethereum is experiencing a significant increase in discourse or conversation surrounding it, as crypto prices generally trend downward. The recent approval of an ETF for Ethereum in Hong Kong has fueled renewed interest in the second-largest cryptocurrency, despite a growing number of short positions.
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2024-04-16 16:33