After purchasing 8,825 ETH before the recent market dip, an Ethereum whale lost almost $4 million this summer, according to the cryptocurrency tracker Lookonchain.
Lookonchain reports that between July 27 and August 3, the whale paid $27.96 million for 8,825 Ethereum at an average price of $3,169 per ETH from Binance.
On August 4th, cryptocurrency prices fell.
The same whale lost $3.96 million when they redeposited the whole stash of ETH on Binance on Monday for $24 million.
Additionally, according to Lookonchain, institutions seemed to be selling Ethereum on Monday. The crypto trading company Cumberland deposited 6,439 ETH worth $17.66 million to Binance, while the digital asset financial services company Amber Group deposited 6,443 ETH worth $17.62 million to Binance and Kraken.
As of this writing, Ethereum is trading at $2,573. The market capitalization of the second-ranked cryptocurrency asset is down around 4% during the last day.
In contrast, the crypto tracker says that another whale seems to be swallowing up Solana the (SOL)-based memecoin dogwifhat.
A $1.25 million WIF deposit was made by the whale on Monday to the decentralized lending and borrowing platform Marginfi. The whale then borrowed $197,00,000 in USDC, a stablecoin pegged to the dollar, to purchase 110,000 WIF. The whale now has 3.3 million WIF, which is valued at $5.94 million.
As of this writing, WIF’s trading price is $1.66. By market cap, the cryptocurrency asset placed 55th is down over 7% from the previous day.
