A crypto whale, a large investor, recently lost a staggering $4.5 million trying to bet on Ethereum (ETH) twice.
First Attempt
According to Lookonchain, a digital asset tracker, the whale lost $500,000 in their initial attempt to go long on ETH, which means they bet on the price rising.
Second Attempt
Undeterred, the whale made a second attempt, but this time, they lost even more money.
Repayment
Lookonchain reported that the whale sold all of their ETH holdings to repay a debt, losing an additional $4 million.
Other Whales’ Moves
While this whale suffered a loss, other whales are reportedly accumulating ETH. One whale withdrew $31.5 million worth of ETH from Binance and staked it in DeFi projects. Another whale withdrew $48.2 million worth of ETH from Binance and OKX.
ETH Price
At the time of writing, ETH is trading at $3,093, down 12% in the past week and 14% in the past month. It remains over 36% below its all-time high of $4,878.
