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Ethereum whale Small

One Ethereum Whale’s Deposit Could Trigger A $180 Million Loss, How?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

One Ethereum whale has caught the attention of the crypto community after a massive deposit to the Binance crypto exchange. While the deposit value itself is notable, the most interesting part of the whole ordeal is the whale’s history and how selling now could trigger a massive loss.

Ethereum Whale $451 Million Withdrawal

On-chain tracker Lookonchain first noticed the Ethereum whale and posted about their activities on November 2. The tracker revealed the whale’s interesting history, including the fact that the whale had withdrawn 123,000 ETH worth $451 million at the time back in the bull market.

Related Reading: SEC Chair Gary Gensler Says FTX Can Make A Comeback, But Here’s The Catch

When this initial transaction had taken place in 2022, the price of Ethereum was still trending above $3,600. However, with the market decline over the last year, the whale’s holdings had significantly declined in terms of dollar value.

After the $ETH price increased, a whale deposited 10K $ETH($18.5M) to #Binance at a loss again 1 hour ago.

The whale withdrew 123K $ETH ($451M) from exchanges at an average price of $3,672 and deposited 83K $ETH ($186M) to exchanges at $2,246, resulting in a loss of ~$118M. pic.twitter.com/C8xtx4hs4d

— Lookonchain (@lookonchain) November 2, 2023

Fast forward to November 2023 and the price of Ethereum has started to recover, eventually breaking above the $2,000 resistance. The price is still a long way from the $3,672 that is assumed to be the cost price of the tokens. However, the whale seems to want out of this massive position.

Lookonchain reported that the whale had been depositing ETH to the Binance exchange to the tune of 83,000 ETH. Another 10,000 ETH transaction with Binance as the destination was recorded on November 2. Then on November 10, the whale deposited another 30,000 ETH to the Binance crypto exchange once more.

ETH price chart from Tradingview.com (Ethereum whale)

ETH price resting above $2,000 | Source: ETHUSD on Tradingview.com

ETH Whale Set To Lose $180 Million

The most interesting part of the transactions that have been taking place so far is that every single deposit that the Ethereum whale has made has been at a loss. So if the whale is actually depositing these ETH to sell them, then they would be selling almost 50% below their cost price.

Related Reading: BREAKING: Shiba Inu Marketing Lead Calls On Robinhood To List BONE

As Lookonchain reveals, the whale has now deposited all of the ETH they previously held to the Binance exchange. And going by the current price of ETH, selling now would net the investor a whopping $180 million in losses.

After the price of $ETH increased, this whale deposited all 30,001 $ETH($63.3M) into #Binance just now.

This whale is expected to lose a total of $183M!https://t.co/zZ7z4VImZb pic.twitter.com/gsx7PMnTs7

— Lookonchain (@lookonchain) November 10, 2023

Since the price of ETH had been trading below $2,000 for a long time, it is possible that the whale is looking to exit at what they may consider a good price in case the Ethereum price were to slip back down again. However, given that expectations of a bull run are only about a year away, it raises the question of whether the sale is not premature.

Currently, the ETH price is trading at $2,105, with 10% gains in the last day.

Featured image from Nairametrics, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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