A crypto trader made significant financial moves by purchasing ETH for $3.8 million after selling the asset. Let's look into the details of this transaction.
Trading Operation with ETH
On May 22, blockchain analytics firm Lookonchain reported that a crypto wallet spent $3.8 million to buy 1,425 ETH at $2,670 per coin, reentering the asset after a major rally. On April 13, the same wallet sold 2,522 ETH for $3.9 million, when the asset was trading at about $1,570.
Trader's Losses
With ETH up over 70% since the sale, the trader lost out on over $2.67 million in the process of buying back in. Had the trader held onto their ETH, the assets would be worth about $6.7 million now.
Increased Interest in ETH
The successful launch of the Pectra upgrade, which improved the scalability and functionality of the Ethereum network, has played a major role in driving interest in ETH. According to a report from CoinShares, ETH-based investment products saw $205 million in inflows last week, representing 26% of all inflows during that period.
This situation illustrates the risks and opportunities for traders in the cryptocurrency space, highlighting the importance of a strategic approach to investments.
