Whale Stops Losses on ETH Long Position After Major Setback

Recent data from COINOTAG revealed a significant move in the cryptocurrency space on October 3. A large-scale investor, commonly known as a “whale,” made strategic adjustments to mitigate losses from a previous ETH position established using leverage. Earlier, between September 20 and 21, this investor acquired 3,594 ETH valued approximately at $9.19 million, with each Ethereum obtained at an average cost of $2,484. Despite achieving a floating gain of $536,000 at one point, the investor opted to sell off 2,200 ETH at $2,365 per unit to limit exposure and secure a stop-loss, ultimately incurring a financial hit of around $260,000. As of the latest observations, the whale maintains 1,394 ETH and has extended $1.03 million in loans, with a health score of 2.66. This situation underscores the turmoil and rapid decision-making prevalent in the dynamic crypto market landscape.