A crypto whale recently lost more than $4.5 million attempting to long Ethereum (ETH) twice, according to the digital asset tracker Lookonchain.
Lookonchain notes the whale lost $500,000 on their first attempt to long the top smart contract platform, then lost a lot more on their second try.
“This whale sold all 10,701 ETH ($33 million) on Binance to repay debt two hours ago, losing more than $4 million again!
He went long ETH by depositing ETH on Compound and borrowing USDT to buy more ETH.”
Compound (COMP) is a decentralized lending platform.
Lookonchain notes that other whales are accumulating Ethereum. One withdrew 10,000 ETH worth $31.5 million from Binance on Monday and staked it into the decentralized finance (DeFi) project Pendle (PENDLE) and Renzo, a liquid restaking token for EigenLayer. EigenLayer is a restaking protocol built on ETH.
The other whale withdrew 5,282 ETH worth $48.2 million from the crypto exchanges Binance and OKX on Monday.
ETH is trading at $3,093 at time of writing. The second-ranked crypto asset by market cap is down nearly 12% in the past week and more than 14% in the past month.
Ethereum is also more than 36% down from its all-time high of $4,878, which it set back in November 2021, according to CoinGecko.
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