A smart crypto whale who is known to previously profited heavily from Ethereum trading has been rocked with huge volatility which resulted in a more than $15 million loss from trading the asset. The highly unstable nature of the crypto market is a basis that every crypto community member should be aware of.
The prices of assets can “take the stairs up, and elevator down” meaning prices can crash as fast as they increase. Owing to this, the total crypto market cap dropped to $2.12 trillion, indicating a 2.90% drop over the last day.
Trader Losses $15 Million in ETH Trade
A recent report from Spot on Chain on X (formerly Twitter) has drawn attention to a cryptocurrency whale who, at one point, generated millions of dollars in earnings but was unable to sustain those gains due to a single bad trade. According to the report, this whale deposited 8,825 ETH, valued at approximately $24.1 million, to the Binance crypto exchange with a significant loss.
The whale previously took 19,436 ETH ($68.21M) out of Binance at an average price of $3,509. Between May 29 and August 3, 2024, the entity made this withdrawal using two cryptocurrency wallets. Subsequently, On May 26, he returned 8,825 ETH (worth $24.09 million) at an average price of $2,729 per coin to Binance. The trader took a large risk by selling at this price, and as a result, lost a substantial amount on this trade.
Failing to analyze the situation, the whale left 10,619 ETH, worth $28.45 million, in his wallet which has now accrued a total loss of $15.7 million (about -23% down) from the ongoing 3rd ETH trade. Notably, this whale is known for making millions in profits from successful Ethereum trades in the past. In fact, between November 2022 and May 2024, the whale made a massive $38 million (+26.7%) from two Ethereum trades.
Ethereum Price Movement
Meanwhile, the price of Ethereum has joined the global market in a significant downtrend today. According to data from CoinMarketap, the price of the asset dropped by 3.35% at the time of writing to change hands at $2,527.
The second-largest cryptocurrency has failed to beat its all-time high of $4,878 reached during the bull run in November 2021 even with the approval of Ethereum exchange-traded funds products. Even though there were expectations that it would occur during the bull market’s early days of February 24, it did not.
Ethereum has traded between the range of $2,409.42 and $2,623.37 in the last 24 hours and between $2,409.42 and $2,808.77 over the last week. Ultimately, ETH had a 24-hour trading volume of $21.8 billion, signifying a 66.2% increase.
