According to digital asset tracker Lookonchain, the crypto whale recently lost more than $4.5 million in two attempts to go long Ethereum (ETH).
look on chain Note Whale lost $500,000 on his first attempt to go long the top smart contract platform, and even more on his second attempt.
“Two hours ago this whale sold all 10,701 ETH ($33 million) on Binance to pay off his debt, losing over $4 million again.
He deposited his ETH in Compound and went long ETH by borrowing USDT to buy more ETH. ”
Compound (COMP) is a decentralized lending platform.
look on chain Note That other whales are accumulating Ethereum. One person withdrew 10,000 ETH worth $31.5 million from Binance on Monday and staked it in decentralized finance (DeFi) project PENDLE and Eigenlayer's liquid restaking token Renzo. EigenLayer is a re-staking protocol built on top of ETH.
Another whale withdrew 5,282 ETH worth $48.2 million from crypto exchanges Binance and OKX on Monday.
ETH is trading at $3,093 at the time of writing. The second-largest cryptocurrency by market capitalization has fallen nearly 12% in the past week and more than 14% in the past month.
Ethereum is also down more than 36% from its all-time high in the dollar.According to CoinGecko, the value set in November 2021 is 4,878.
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