According to the latest onchain data, a major crypto whale has made a significant transfer via Binance.
Large ETH Purchases
According to the data, minutes ago, the crypto whale in question deposited 6,900 ETH worth $17.87 million to Binance. This whale purchased a large amount of Ethereum worth as much as $196.4 million from different cryptocurrency exchanges between January 28 and May 28. The purchases were made for an average of $3,021.
Sales and Profit
Then, on July 16, the same whale started selling, making a total of $67.24 million in sales. The whale made these sales for an average of $3,075, realizing a profit of $1.2 million.
Current Losses and Expectations
However, with the Ethereum price falling significantly in the general market decline, the whale has a large unrealized loss. When the ETH price is calculated to be trading at $2,571 at the time of writing, it has a loss of approximately $20 million. Considering the volatility in the cryptocurrency market, the whale will probably wait for the ETH price to rise above $3,000 again.
The situation with this crypto whale illustrates the high volatility and risks associated with investing in cryptocurrencies.
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