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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.