Ethereum

Million

when

Spot

<p>Crypto market volatility is known to every single investor. At one point, the market might be booming, but the next, it might crash. The same is happening today, as the crypto market is down by more than 6%, and the global market cap has declined to $2.06 Trillion. However, there is a better example of market manipulation as a crypto whale, known for profiting trades, lost $15.7 million in the Ethereum trade, making him a loser from the conqueror.</p>
<h2 id="crypto-whale-lost-15-7-million-despite-profitable-history">Crypto Whale Lost $15.7 Million Despite Profitable History</h2>
<p>Spot on Chain, a popular crypto analytic platform, has brought everyone’s attention to a crypto whale that made millions in profits at a point but failed to maintain those gains mainly because of one wrong trade. As per the Spot On Chain X post, a whale account, “0x75ba13d7d2e0b7fc0b3e2b2038209fcc778bc62f” deposited 8,825 ETH, worth around $24.1M with a heavy loss on one of the most popular <a href="https://coingape.com/crypto-exchanges/" rel="noopener noreferrer nofollow">crypto exchanges.</a></p>
<blockquote>
 <p dir="ltr" lang="en">Market turbulence also hit smart traders hard!</p>
 <p>11 hours ago, a whale deposited 8,825 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($24.1M) to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>, leaving behind 10,619 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($28.5M) with an est. total loss of $15.7M (-23%) from the ongoing 3rd <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> trade.</p>
 <p>This whale previously excelled, earning ~$38M (+26.7%)… <a rel="noopener noreferrer nofollow" href="https://t.co/QOjHO7b0Qx">https://t.co/QOjHO7b0Qx</a> <a rel="noopener noreferrer nofollow" href="https://t.co/uPGTPDSJVO">pic.twitter.com/uPGTPDSJVO</a></p>
 <p>— Spot On Chain (@spotonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/spotonchain/status/1828264403084681288?ref_src=twsrc%5Etfw">August 27, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The crypto whale has earlier withdrawn 19,436 ETH ($68.21M) from Binance on an average Ethereum price of $3,509. To do so, the trader used two<a href="https://coingape.com/best-crypto-wallets/" rel="noopener noreferrer nofollow"> crypto wallets</a> to make this withdrawal between May 29 and August 3, 2024. Later on, May 26, the whale deposited 8,825 ETH ($24.09M) back to Binance at an average value of $2,729. By selling at this price, the trader took a big risk, losing a significant amount in this trade.</p>
<p>However, this does not end here, as the whale failed to analyze the situation. He kept 10,619 ETH ($28.45M) in the personal wallet, 0x4fa6, which now bears a $15.7M million loss on this trade as Ethereum’s value has declined even more.</p>
<p>Though the profits and losses are part of the industry, this one became more significant as his crypto trader has been known for selling at highs and buying at lows. The whale had even made $38M in profit from the Ethereum trades between November 2022 and May 2024, making 26.7% profit on the trade. However, that has changed now as the whale lost 23% in this 3rd trade.</p>
<h3 id="how-ethereum-is-performing-now">How Ethereum is Performing Now?</h3>
<p>Ethereum has moved far from its profitable time as a surge to an all-time high is due for almost three years now. Despite being the second biggest and most famous cryptocurrency, ETH has failed to surge near the ATH target of $4,891.70 for many years.</p>
<p>Though there were anticipations for that to happen at the beginning of the 2-24, when the market was bullish, that did not happen. Again, the Ethereum ETF approval was supposed to bring the ETH price to a new high, but instead, the value is stuck around the average. At the time of writing, the <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> is $2,520 after a 5% decline in the last 24 hours.</p>
<p><a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/"><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/08/image-2024-08-28T163308.450.png" alt="Ethereum Price" width="664" height="295"></a></p>
<p>More importantly, it is part of its month-long decline, as this altcoin has lost more than 22% in a month. Nevertheless, this is not the situation with Ethereum only as many <a href="https://coingape.com/crypto-market-today-key-reasons-why-btc-eth-xrp-other-altcoins-are-dropping/" rel="noopener noreferrer nofollow">altcoins are dropping</a> due to liquidity concerns. However, there is a 78% surge in the trading volume of $22,231,843,676, indicating the rising demand for the token. This might turn into the possibility of gains with rising transactions and increased demand.</p>
<h2 id="final-thoughts">Final Thoughts</h2>
<p>This crypto whale’s experience of making a losing trade is an example of how trading works. This is because all crypto trades do not turn into profits, as some may become lessons for future trading practices.&nbsp; This whale has made many profits and is popular for buying at low and selling at high.</p>
<p>The post <a href="https://coingape.com/trending/profiting-crypto-whale-turns-loser-after-15-7-million-ethereum-trade-loss/" rel="noopener noreferrer nofollow">Profiting Crypto Whale Turns Loser After $15.7 Million Ethereum Trade Loss</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Profiting Crypto Whale Turns Loser After $15.7 Million Ethereum Trade Loss

Table of Contents

Coingape News Media

Other articles published on Aug 28, 2024

Fetch Price Plummets 12% After $6.4M FET Transfer, Recovery, or More Downside?

Australians Lost $122 Million to Crypto Scams in Last Year

Binance Removes Specific Trading Pairs Due to Low Liquidity

Developers of this Altcoin Start Buying Their Own Tokens During a Market Slump

Hong Kong’s Project Ensemble sandbox ready to test asset tokenization

TON blockchain resumes operations following DOGS fuelled outage

Join our free newsletter for daily crypto updates!