A big-time crypto investor, known as a “whale,” lost nearly $4 million this summer after buying a bunch of Ethereum (ETH) just before the market took a nosedive.
Whale’s Ethereum Woes
According to the crypto tracker Lookonchain, the whale bought 8,825 ETH for about $28 million in late July and early August. But when crypto prices crashed on August 4th, the whale was left holding the bag. They sold their entire stash of ETH back to Binance for about $24 million, taking a hefty $4 million loss.
Other Big Players Selling
It seems the whale wasn’t alone in their misfortune. Lookonchain also noticed that some big institutional investors were selling off their Ethereum holdings. Two major players, Amber Group and Cumberland, deposited a combined $35 million worth of ETH to Binance and Kraken.
Solana Memecoin Gets a Boost
While Ethereum was taking a hit, another whale was busy scooping up a Solana-based memecoin called Dogwifhat (WIF). This whale deposited $1.25 million worth of WIF into a lending protocol and used that to buy even more WIF, bringing their total holdings to over $5 million.
The Bottom Line
The crypto market is a volatile place, and even the biggest investors can get caught out. While one whale was losing millions on Ethereum, another was making a bet on a memecoin. It’s a reminder that crypto investing is risky, and it’s important to do your research before putting any money in.
