An incident occurred in the cryptocurrency market that showed that whales do not always make very logical moves.
A large Ethereum whale recently had to add another 4,274 ETH to his open position on Binance to avoid being liquidated. This amount corresponds to 6.85 million dollars at the time of writing this article.
The whale in question purchased 4,892 ETH in 2022 for a total of 13.84 million dollars at a price of approximately $ 2,830. It is estimated that the losses suffered by the whale in its position are around 5.24 million dollars in total.
At the time of writing this article, ETH price is trading at $1,606.
The same whale panicked during the temporary loss of the stETH/ETH constant and sold 3,705 stETH for 3,536 ETH, unnecessarily losing 169 ETH.
In addition, another Ethereum whale woke up from its long sleep. The whale, who bought 2,000 ETH by paying $620 at the ICO event where ETH was distributed to users for the first time, woke up after 8.2 years and moved all his coins to 4 different wallets. Balina bought these coins at a price of $0.31.
*This is not investment advice.