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Although cryptocurrency whales have been making headlines with their transactions recently, it seems they do not always profit. While it is generally believed that whales make purchases with a future outlook, there have been instances where these purchases resulted in losses. One such instance was recently uncovered by Lookonchain.
Whale Suffers Losses in Bitcoin and Ethereum
According to Lookonchain, known for revealing notable transactions in cryptocurrencies, an Ethereum whale suffered a loss of approximately 4 million dollars this summer after purchasing 8,825 ETH before a market downturn a few weeks ago.
Lookonchain revealed that the whale bought 8,825 Ethereum between July 27 and August 3 from Binance at an average price of $3,169 per ETH, spending $27.96 million. An incredible drop occurred in cryptocurrencies on August 4.
On Monday, it was observed that all the ETH purchased by this whale were deposited into Binance for $24 million, resulting in a loss of $3.96 million.
Lookonchain also suggested that institutions might be selling ETH. It was observed that the digital asset financial services firm AmberGroup deposited 6,443 ETH worth $17.62 million into Binance and Kraken, and the crypto trading firm Cumberland sent 6,439 ETH worth $17.66 million to Binance.
As of the time of writing, Ethereum continues to trade below $2,500. ETH, the second-largest cryptocurrency by market value, has experienced a drop of over 4% in the last 24 hours.
Whales’ WIF Move
Meanwhile, another whale made significant purchases of dogwifhat (WIF), one of the leading meme coins on the Solana (SOL) network, as revealed by a crypto watcher.
On Monday, this whale deposited 700,000 WIF worth $1.25 million into Marginfi, a decentralized lending and borrowing protocol, and purchased 110,000 WIF for $197,000 USDC. In total, the whale holds 3.3 million WIF worth $5.94 million.
As of the time of writing, WIF is trading at $1.57. Among meme coins, WIF ranks 4th and has experienced an 8% drop in the last 24 hours.
