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.

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Amber 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.

Alexander Stefanov