Market Turbulence Hits Smart Traders: Whale Suffers $15.7M Loss

A whale who had previously excelled in Ethereum trades, earning a staggering $38M (+26.7%) from November 2022 to May 2024, has now suffered a significant loss.

The whale deposited 8,825 $ETH ($24.1M) to Binance, leaving behind 10,619 $ETH ($28.5M) with an estimated total loss of $15.7M (-23%) from their ongoing third Ethereum trade.

Market turbulence also hit smart traders hard!

11 hours ago, a whale deposited 8,825 $ETH ($24.1M) to #Binance, leaving behind 10,619 $ETH ($28.5M) with an est. total loss of $15.7M (-23%) from the ongoing 3rd $ETH trade.

This whale previously excelled, earning ~$38M (+26.7%)… https://t.co/QOjHO7b0Qx pic.twitter.com/uPGTPDSJVO

— Spot On Chain (@spotonchain) August 27, 2024

Regrettably, the whale missed the August 5 crash, which would have mitigated the loss. This setback highlights the unpredictable nature of the cryptocurrency market, where even experienced traders can face significant losses.

In other news, Ethereum co-founder Vitalik Buterin has made a suspected donation of 199.9 ETH (worth approximately $517k) to the ethOS project, which claims to be the world’s first Ethereum mobile operating system.

Ethereum co-founder Vitalik Buterin transferred 199.9 ETH to the multi-signature contract: 0xC3…b72f at 22:25 UTC+8 today, worth about $517k, suspected to be a donation to the ethOS (Ethereum Phone) project. ethOS claims to be the world's first Ethereum mobile operating system.…

— Wu Blockchain (@WuBlockchain) August 27, 2024

Meanwhile, the Spot Ethereum ETF has experienced eight consecutive days of outflows, with a total net outflow of $13.228 million on August 26.

The Spot #Ethereum ETF has seen 8 consecutive days of outflows now. pic.twitter.com/xwzuziYJx2

— Crypto Rover (@rovercrc) August 27, 2024

Grayscale ETF ETHE saw an outflow of $9.5189 million, bringing the historical cumulative net outflow to $478 million. The total net asset value of Ethereum spot ETF stands at $7.457 billion.

On August 26, the total net outflow of Ethereum spot ETF was $13.228 million. Grayscale ETF ETHE had an outflow of $9.5189 million, and the current historical net outflow of ETHE is $2.542 billion. The total net asset value of Ethereum spot ETF is $7.457 billion, and the…

— Wu Blockchain (@WuBlockchain) August 27, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: gorodenkoff/123RF // Image Effects by Colorcinch

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