According to Lookonchain, an Ethereum whale has lost almost $4 million after purchasing 8,825 Ethereum before the recent market decline.
Lookonchain reports that the whale purchased 8,825 Ethereum from Binance for $27.96 millions at an average of $3.169 per ETH between July 27th to August 3rd.
The crypto prices dropped on 4 August.
The same whale deposited the entire trove back onto Binance on Monday for $24 millions, a loss of $3.96million.
Lookonchain notes, too, that it appears institutions were selling Ethereum Monday. Amber Group, a digital asset financial service firm that provides services in the field of digital assets and crypto-currencies, deposited $6.443 worth $17.62 to Binance and Kraken. Cumberland Crypto Trading deposited another $6.439 worth $17.66 to Binance.
Ethereum was trading at $2573 as of the time this article is written. In the last 24 hours, market capitalization of Ethereum has dropped by nearly 4%.
The crypto tracker also noted that another whale was consuming the memecoin Dogwifhat, based on Solana (SOL).
The whale bought 110,000 WIF by borrowing 197,000 USDC, a dollar-pegged stablecoin. The whale holds in total 3.3 millions WIF, worth $5.94million.
WIF was trading for $1.66 as of the time this article is written. This 55th-ranked cryptocurrency by market capital is down almost 7% over the last day.
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Sources of Images: Pixabay Creative Commons DALLE3
Lookonchain published the article Crypto Whale sends $24,000,000 Binance to take loss on Ethereum (ETH).
