Whale Selling Ethereum, Which He Bought Last Year for 3,000 Dollars, at a Huge Loss! - Coin Bulletin

A large whale that invested in Ethereum (ETH) had to sell ETH worth 7.5 million dollars at a loss to pay off its debt.

According to data shared by blockchain analytics platform Lookonchain, a cryptocurrency whale sold a total of 5,094 ETH at a price of $1,471 per Ethereum (ETH) today, making approximately $7.5 million. The reason for this sale was explained as the whale wanted to pay off the high amount of debt it had previously received.

The data reveals that the whale borrowed a total of 80.91 million dollars in Tether (USDT) to purchase 26,235 ETH when the price of Ethereum was 3,084 dollars on July 5, 2024. However, the failure of the Ethereum price to move in the expected direction resulted in significant losses for the investor.

The extent of the loss was staggering.

Due to the sharp decline in the price of Ethereum, the whale had previously sold a total of 25,800 ETH at $1,853 per ETH on March 11 in order to cover part of its debt, earning approximately $47.8 million. With the latest sale, the whale's total loss has reached about $40 million.

This massive loss once again shows how variable and risky market conditions can be. Investors should consider the risks of sharp movements within the crypto market while aiming for substantial gains. What the whale's next move will be is already a topic of interest.