While the cryptocurrency market has been moving sideways for a while, this has been disrupted by the sharp decline of Bitcoin and altcoins.
While BTC came to $25,000, the largest altcoin Ethereum (ETH) fell as low as $1,550.
While most investors were unprepared for this decline, some investors sold before the fall and narrowly avoided major losses.
According to data shared by Lookonchain, an Ethereum whale avoided massive losses by selling 22,341 ETH worth $41 million before the big drop.
Accordingly, while the whale was selling ETH at $1,840, if the current ETH price had been made at $1,686, the whale would have lost approximately $4 million.
“This whale was very smart and sold 22,341 ETH (worth $41 million) before the market crashed.
Although it lost about $1.7 million from this sale, it successfully survived the major market crash and greater loss.
Maybe he will buy back ETHs at a cheaper price in the future.”
The whale was very smart and dumped 22,341 $ETH ($41M) before the market crashed.
Even though he lost ~$1.7M this time, he successfully avoided the market crash.
Perhaps he will buy $ETH back at a cheaper price in the future.
Follow this smart whale.👇https://t.co/S4Wv8XRlhW pic.twitter.com/BcdzdpmbIA
— Lookonchain (@lookonchain) August 18, 2023
Apart from this whale, cryptocurrency trading company Cumberland was also among the investors who sold ETH before the decline.
Cumberland also sold 8,000 ETH worth $14.4 million before the market crashed. The average selling price was $1,800.
Afterwards, Cumberland turned the decline into an opportunity and received 4,000 ETH worth $6.72 million from Binance. The average purchase price was $1,680.
“Cumberland was smart and sold 8,000 ETH (worth $14.4 million) before the market crashed.
He then received 4,000 ETH worth $6.72 million from Binance.”
Cumberland was smart and dumped 8K $ETH ($14.4M) before the market crashed.
Then withdrew 4K $ETH ($6.72M) from #Binance 1 hour ago.https://t.co/ll57RHO7aa pic.twitter.com/63FjHTHgCo
— Lookonchain (@lookonchain) August 18, 2023
In addition, the sharp declines experienced also affected investors who made leveraged transactions. At this point, according to data from Coinglass, close to $1 billion long positions were liquidated.
Bitcoin took the first place in the amount liquidated, while Ethereum took the second place.
*Not investment advice.
