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A crypto whale known for his profitable image has drawn attention after losing $15.7 million in Ethereum trading.
The volatile nature of the crypto market is a fact familiar to every investor. One moment, the markets can be on the rise, and the next moment, they can fall. A similar situation is happening today; the crypto market lost more than 6%, while the global market value fell to $2.06 trillion. However, what is more striking than this decline in the market was that a crypto whale known for his profitable trades turned from a victory to a defeat, losing $15.7 million in Ethereum trading.
Despite His Profitable History, Crypto Whale Loses $15.7 Million
Popular crypto analytics platform Spot On Chain has revealed that a crypto whale who once made millions of dollars in profits was unable to maintain these gains due to a wrong trade he made. According to Spot On Chain’s X platform post, the whale account named “0x75ba13d7d2e0b7fc0b3e2b2038209fcc778bc62f” deposited 8,825 ETH worth around $24.1 million to one of the most popular crypto exchanges and suffered a heavy loss in this transaction.
The crypto whale had previously withdrawn 19,436 ETH ($68.21 million) from Binance at an average Ethereum price of $3,509. To carry out this transaction, he used two crypto wallets to make this withdrawal between May 29 and August 3, 2024. Then, on May 26, the whale deposited 8,825 ETH ($24.09 million) back to Binance, worth an average of $2,729. He took a big risk by selling at this price and lost a significant amount in this trade.
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However, the story does not end there; The whale, unable to analyze the situation, continued to hold 10,619 ETH ($28.45 million) in his personal wallet “0x4fa6” and is currently experiencing a loss of $15.7 million in this transaction, as the value of Ethereum has fallen even further.
While profits and losses are part of this industry, this situation is especially striking because this crypto investor has previously been known to sell at the top and buy at the bottom. The whale had earned $38 million from Ethereum trading between November 2022 and May 2024, making a 26.7% profit. However, on this third trade, he lost 23%, and this time the success story ended in defeat.
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