An Ethereum whale lost nearly $4 million this summer after buying 8,825 ETH prior to the market downtick a few weeks ago, according to the crypto tracker Lookonchain.
Lookonchain notes the whale bought the 8,825 Ethereum for $27.96 million at an average price of $3,169 per ETH from Binance between July 27th and Aug 3rd.
[adinserter block="1"]Crypto prices plunged on August 4th.
On Monday, the same whale deposited that entire trove of ETH back on Binance for $24 million, losing $3.96 million.
Lookonchain also notes that institutions appeared to be selling Ethereum on Monday. The digital asset financial services firm Amber Group deposited 6,443 ETH worth $17.62 million to Binance and Kraken, and the crypto trading firm Cumberland deposited 6,439 ETH worth $17.66 million to Binance.
Ethereum is trading at $2,573 at time of writing. The second-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.
Conversely, the crypto tracker notes another whale appeared to be gobbling up Solana the (SOL)-based memecoin dogwifhat (WIF).
On Monday, the whale deposited 700,000 WIF worth $1.25 million to the decentralized lending and borrowing protocol Marginfi and borrowed 197,000 of the dollar-pegged stablecoin USDC to buy 110,000 WIF. In total, the whale currently holds 3.3 million WIF worth $5.94 million.
WIF is trading at $1.66 at time of writing. The 55th-ranked crypto asset by market cap is down nearly 7% in the past day.
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