Crypto Whale Loses $4,500,00 Million In Attempt To Leverage Long Ethereum Twice
Lookonchain, a prominent cryptocurrency investor, revealed that a crypto whale suffered a loss of over $4.5 million while attempting to leverage Ethereum (ETH) for long positions.
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The tracker reported that the whale initially lost $500,000 in its initial attempt to leverage the leading smart contract platform, followed by even further losses in its second attempt. As a result, the whale sold all 10,701 ETH, valued at $33 million on Binance to repay debt and losing more than $4 million for the second time. It appears that the whale went long ETG by depositing ETH on Compound and borrowing USDT to buy more ETH.
According to Lookonchain, it has been observed that other large-scale investors are amassing Ethereum. One of them withdrew 10,000 ETH, valued at $31.5 million, from Binance on Monday and subsequently staked it into the decentralized finance (DeFi) project Pendle (PENDLE), as well as Renzom, a liquid restaking token for EigenLayer. EigenLayer, a staking protocol developed on the Ethereum network, was the recipient of this staked ETH.
Moreover, another prominent investor withdrew 5,282 ETH, amounting to $48.2 million, from the cryptocurrency exchange Binance and OKX on Monday.
This week has been a challenging week for Bitcoin and Ethereum. Bitcoin (BTC) dropped to approximately $61,500 and Ethereum to $2,890. The prevailing sentiment has been largely pessimistic. However, amidst the surge of Fear, uncertainty, and doubt among traders, the situation may not be as dire as it appears.
As the market slowly recovers, going against doomsday predictions, there’s still a lesson to take away. In times of panic selling, it frequently lays the groundwork for a reversal.
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