A crypto whale holding Ethereum ($ETH) has recently experienced significant losses of $12.57M within fifty days, as per Lookonchain (a blockchain analytics company). The respective huge loss points toward the risks and volatility concerning the crypto sector, even for the people holding enormous amounts of digital assets. The on-chain analytics firm took to its official X account to reveal the respective development.
A whale lost $12.57M in less than 50 days!
This whale had accumulated $ETH from June 22 to August 4 before the market crash, withdrawing 14,384 $ETH($47.34M) at $3,291 from #Binance.
After the market crash, the whale capitulated and deposited all $ETH into #Binance at $2,417,… pic.twitter.com/YwaGbrGJrn
— Lookonchain (@lookonchain) August 8, 2024
An $ETH Whale Incurs Losses of $12.57M within Fifty Days
Lookonchain mentioned that the crypto whale had been gradually amassing $ETH tokens between June 22 and August 4. The whale reportedly redeemed a cumulative amount of up to 14,384 $ETH coins from Binance in the meantime. When the withdrawal took place, the $ETH token saw a value of approximately $3,291. This has placed the cumulative value of the amount at nearly $47.34M.
The Event Decreases Ethereum’s Price to $2,417
Nonetheless, the market went through a sheer downturn just after. This event paved the way for a resilient plunge in the value of Ethereum. The slump dropped the value of Ethereum to $2,417. That was the time when the whale determined to decrease the losses. Subsequently, the whale deposited all the Ethereum tokens into Binance once again.
This endeavor at a considerably lower price spot led to the loss of almost $12.57M. This event reportedly plays the role of a cautionary episode for institutional and retail investors alike. Lookonchain asserted that the new experience of the whale denotes the significance of a well-planned strategy to survive market uncertainties.
