A whale who had previously excelled in Ethereum trades, earning a staggering $38M (+26.7%) from November 2022 to May 2024, has now suffered a significant loss.
The whale deposited 8,825 $ETH ($24.1M) to Binance, leaving behind 10,619 $ETH ($28.5M) with an estimated total loss of $15.7M (-23%) from their ongoing third Ethereum trade.
Regrettably, the whale missed the August 5 crash, which would have mitigated the loss. This setback highlights the unpredictable nature of the cryptocurrency market, where even experienced traders can face significant losses.
In other news, Ethereum co-founder Vitalik Buterin has made a suspected donation of 199.9 ETH (worth approximately $517k) to the ethOS project, which claims to be the world’s first Ethereum mobile operating system.
Meanwhile, the Spot Ethereum ETF has experienced eight consecutive days of outflows, with a total net outflow of $13.228 million on August 26.
Grayscale ETF ETHE saw an outflow of $9.5189 million, bringing the historical cumulative net outflow to $478 million. The total net asset value of Ethereum spot ETF stands at $7.457 billion.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: gorodenkoff/123RF // Image Effects by Colorcinch
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