One of the common strategic mistakes in the cryptocurrency market caused a whale address to come to the fore with Ethereum transactions.
According to on-chain data, this whale address missed out on a potential profit of $42.64 million in total by “buying high and selling low.”
The address in question sold 50,754 ETH at $1,754 on April 23, earning 89.03 million USDT. It was reported that 15,000 of these ETH were used to open a short position with borrowed assets. However, 27 days later, this USDT amount was only able to buy 34,343 ETH at $2,592. Thus, the investor suffered a loss of 16,452 ETH. The 35,754 ETH he initially owned fell to 19,302 ETH after the transaction.
When compared to today’s market value of these transactions, the loss becomes even clearer. The 19,302 ETH in his hand is currently worth approximately $5004 million, while the current value of the 35,754 ETH he had before the transaction is $92.69 million. The difference indicates a loss of $42.64 million.
Meanwhile, institutional interest in Ethereum continues to grow. According to Farside data, US spot Ethereum ETFs have recorded net inflows for nine consecutive trading days, attracting a total of $486 million in capital.
*This is not investment advice.
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