Major Ethereum ETH/USD Investor reportedly lost more than $4.5 million after two unsuccessful attempts at leverage cryptocurrency. Investor sold 33 million dollars worth of ETH in order to pay off the debt.
What happened? The Lookonchain Report states that the whale lost $5000 when he tried to buy the smart contract platform with the highest price. On the investor’s second try, he lost an amount that was significantly higher.
This whale lost more than $4,000,000 again when he sold 10,701 Ethereum ($33 million), on Binance, to pay off debts two hours earlier! Lookonchain reported that he went long by depositing USDT and ETH to Compound, then borrowing the USDT in order to purchase more ETH.
Reports also show that whales have been accumulating Ethereum. The report also highlighted that other whales are accumulating Ethereum. EigenLayer, a protocol for restaking ETH-based tokens, is built by EigenLayer.
On Monday, the second whale withdraw 5,282 Ethereum worth $48,2 Million from Binance and OKX.
What it means: Crypto market is experiencing heightened volatilityDue to the geopolitical tensions that exist between Iran and Israel, major crypto currencies like Bitcoin BTC/USD Ethereum. Crypto trader and economist Alex Kruger Investors are advised to keep a long term perspective in turbulent times and be cautious. He stresses the importance of not being caught up by short-term movements in the market.
Ethereum continues to expand its ecosystem, while Puffer FinanceA liquid-resting protocol based on Ethereum Recently reaching a valuation of $200 million After a successful round of funding. Investors are showing confidence in Ethereum’s potential long-term, despite current market volatility and losses experienced by individuals such as the whale.
Continue Reading: Dogecoin and Shiba Inu are among the top picks for this researcher’s “Meme Coin Supercycle” Thesis
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