- According to data shared by Lookonchain, an Ethereum whale, known for losing millions in past transactions, has repositioned itself in the market.
- The whale withdrew 6,965 Ethereum ($21.9 million) from Binance and later transferred them to Compound (COMP), borrowing $14.5 million USDT.
- This same investor has taken three long positions on Ethereum since March 20, resulting in a total loss of $4.63 million.
An Ethereum whale, notorious for its past losses, has repositioned itself in the market, borrowing $14.5 million USDT after withdrawing 6,965 Ethereum from Binance.
Ethereum Whale’s New Market Position
The Ethereum whale, known for its past losses, has taken a new position in the market. According to data shared by Lookonchain, the whale withdrew 6,965 Ethereum, equivalent to $21.9 million, from Binance. These funds were later transferred to Compound (COMP), where the whale borrowed $14.5 million USDT.
Previous Losses and Current Market Activity
This particular investor has been active in the Ethereum market since March 20, taking three long positions. Unfortunately, these positions have resulted in a total loss of $4.63 million. In the last month, when the price of Ethereum fell, the investor closed their position and deposited 11,892 Ethereum ($38 million) back into Binance. This move resulted in a loss of approximately $217,000.
Ethereum Market Outlook
Despite the losses, the Ethereum market has shown resilience. Last week, Ethereum prices fell along with the rest of the market, dropping briefly below $2,900. However, the price has since rebounded, rising back above $3,100. This fluctuation in price and the whale’s recent activity highlight the volatile nature of the cryptocurrency market.
Conclusion
While the Ethereum whale’s losses are significant, they represent the high-risk, high-reward nature of the cryptocurrency market. Despite the losses, the market’s resilience and the whale’s continued activity indicate a belief in the potential of Ethereum. As always, investors should proceed with caution and make informed decisions.
