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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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.
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