Ethereum (ETH) and Altcoins See Major Losses as Whale Sheds Over $8.4 Million: Latest Crypto Market Insights

  • An unidentified crypto whale has reportedly sold off their altcoin positions at a significant loss, as per on-chain data.
  • The whale, who held positions in Ethereum (ETH), Optimism (OP), and Arbitrum (ARB), suffered losses totaling $8.43 million.
  • Meanwhile, another whale, referred to as “smart money,” is seen accumulating several altcoins, including Fantom (FTM), Maker (MKR), and Pepe (PEPE).

A crypto whale incurs a massive loss after selling off altcoin positions amid price dips, while another investor accumulates various altcoins, according to on-chain data.

Crypto Whale Sells Off Altcoin Positions

Blockchain tracking service Lookonchain first reported that an unidentified crypto whale sold off their positions in Ethereum (ETH), Optimism (OP), and Arbitrum (ARB) at a significant loss. The whale, with wallet addresses starting with 0x12199 and 0xac218, suffered losses totaling $8.43 million. At the time of writing, ETH is trading for $2,888, while OP and ARB are worth $2.45 and $0.962, respectively.

“Smart Money” Whale Accumulates Altcoins

On the other hand, Lookonchain also spotted another whale, referred to as “smart money,” accumulating several altcoins. According to the firm, one wallet starting with 0xd876 accumulated seven figures worth of the layer-one blockchain Fantom (FTM), decentralized finance (DeFi) project Maker (MKR), and memecoin Pepe (PEPE). The smart money holds $23.3 million of assets and has previously made $1.67 million trading FTM.

Conclusion

The contrasting actions of these two whales highlight the volatility and unpredictability of the crypto market. While one investor suffered significant losses, another seems to be strategically accumulating various altcoins. As always, investors are advised to conduct thorough research and exercise caution when dealing with high-risk investments like cryptocurrencies.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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