Ethereum

Compound

Pendle

Long

EigenLayer

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 <p>A crypto whale recently lost more than $4.5 million attempting to long Ethereum (ETH) twice, according to the digital asset tracker Lookonchain.</p>
 <p>Lookonchain notes the whale lost $500,000 on their first attempt to long the top smart contract platform, then lost a lot more on their second try.</p>
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 <p><em>“This whale sold all 10,701 ETH ($33 million) on Binance to repay debt two hours ago, losing more than $4 million again!</em></p>
 <p><em>He went long ETH by depositing ETH on Compound and borrowing USDT to buy more ETH.”</em></p>
 <p>Compound (COMP) is a decentralized lending platform.</p>
 <p>Lookonchain notes that other whales are accumulating Ethereum. One withdrew 10,000 ETH worth $31.5 million from Binance on Monday and staked it into the decentralized finance (DeFi) project Pendle (PENDLE) and Renzo, a liquid restaking token for EigenLayer. EigenLayer is a restaking protocol built on ETH.</p>
 <p>The other whale withdrew 5,282 ETH worth $48.2 million from the crypto exchanges Binance and OKX on Monday.</p>
 <p>ETH is trading at $3,093 at time of writing. The second-ranked crypto asset by market cap is down nearly 12% in the past week and more than 14% in the past month.</p>
 <p>Ethereum is also more than 36% down from its all-time high of $<span data-price-target="price" data-price-json="{&quot;aed&quot;:17918.327751261935,&quot;ars&quot;:3465804.572924519,&quot;aud&quot;:6693.751057772929,&quot;bch&quot;:18.939855695540388,&quot;bdt&quot;:448510.6939401261,&quot;bhd&quot;:1839.166507986852,&quot;bmd&quot;:4878.257534851195,&quot;bnb&quot;:7747.175394695108,&quot;brl&quot;:26930.998932386545,&quot;btc&quot;:0.1474983979981878,&quot;cad&quot;:6108.1826786611255,&quot;chf&quot;:4452.990925494973,&quot;clp&quot;:3990223.18101868,&quot;cny&quot;:31154.503920573694,&quot;czk&quot;:107972.64588514334,&quot;dkk&quot;:31448.1136154541,&quot;dot&quot;:500.5052347442085,&quot;eos&quot;:4246.975758661267,&quot;eth&quot;:1.0039809752650841,&quot;eur&quot;:4228.9306236787215,&quot;gbp&quot;:3610.110049287494,&quot;gel&quot;:10847.743536404047,&quot;hkd&quot;:38002.0652396689,&quot;huf&quot;:1542639.3559358825,&quot;idr&quot;:69531233.21756187,&quot;ils&quot;:15168.649109167687,&quot;inr&quot;:362338.39816231147,&quot;jpy&quot;:602175.7970182435,&quot;krw&quot;:5790811.144770539,&quot;kwd&quot;:1471.828837355026,&quot;lkr&quot;:1254209.63171915,&quot;ltc&quot;:46.19464592631987,&quot;mmk&quot;:8917780.597406963,&quot;mxn&quot;:102241.43202911642,&quot;myr&quot;:20261.842671004415,&quot;ngn&quot;:6636869.580761086,&quot;nok&quot;:43274.53695782936,&quot;nzd&quot;:6993.885287884867,&quot;php&quot;:244090.95265561162,&quot;pkr&quot;:1140716.1098567334,&quot;pln&quot;:19645.560564243624,&quot;rub&quot;:403837.72351902135,&quot;sar&quot;:18294.865815604506,&quot;sek&quot;:43214.03366270877,&quot;sgd&quot;:6489.663246139509,&quot;thb&quot;:161550.20803011392,&quot;try&quot;:132180.4728938037,&quot;twd&quot;:135247.2461467244,&quot;uah&quot;:157112.98511293932,&quot;usd&quot;:4878.257534851195,&quot;vef&quot;:283483137.7702951,&quot;vnd&quot;:110456067.65757646,&quot;xag&quot;:211.06992658945322,&quot;xau&quot;:2.687871323158307,&quot;xdr&quot;:3455.908863672167,&quot;xlm&quot;:30375.859304587197,&quot;xrp&quot;:6696.617226022804,&quot;yfi&quot;:0.4934829464503675,&quot;zar&quot;:76298.45196246327,&quot;bits&quot;:147498.3979981878,&quot;link&quot;:2890.6594279863284,&quot;sats&quot;:14749839.799818782}" data-prev-price="4878.257534851195">4,878, which it set back in November 2021, according to CoinGecko.&nbsp;</span></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-whale-loses-4-500-000-attempting-to-leverage-long-ethereum-eth-twice-lookonchain-tbt85578.html">https://thebittimes.com/crypto-whale-loses-4-500-000-attempting-to-leverage-long-ethereum-eth-twice-lookonchain-tbt85578.html</a></p>

Crypto Whale Loses $4,500,000 Attempting To Leverage Long Ethereum (ETH) Twice: Lookonchain

TheBitTimes

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