An unknown whale has sold off their altcoin positions for a massive loss after prices dipped, according to on-chain data.
First reported by blockchain tracking service Lookonchain, one whale capitulated their positions in Ethereum (ETH) and layer-2 altcoins Optimism (OP) and Arbitrum (ARB).
Lookonchain says the whale, with wallet addresses beginning with 0x12199 and 0xac218, suffered losses of $8.43 million.
“So sad!
This whale sold all ETH, OP, and ARB at a loss of ~$8.43 million.
Sold 6,714 ETH ($19.5 million) at $2,903 and lost $6.45 million!
Sold 428,047 OP ($1.06 million) at $2.48 and lost $902,000!
Sold 901,685 ARB ($882 million) at $0.98 and lost $1.08 million!”
At time of writing, ETH is trading for $2,888, while OP and ARB are worth $2.45 and $0.962, respectively.
Lookonchain also spotted a “smart money” whale accumulating several altcoins.
According to the firm, one wallet beginning with 0xd876 accumulated seven figures worth of the layer-one blockchain Fantom (FTM), decentralized finance (DeFi) project Maker (MKR) and memecoin Pepe (PEPE).
“Which altcoins is the smart money buying?
The smart money holds $23.3 million of assets and has previously made $1.67 million trading FTM.
He bought MKR, FTM, and PEPE recently.
FTM
He spent 726 ETH ($2.26 million) to buy 3.18 million FTM on May 7th.
He bought 3.39 million FTM ($1.13 million) at $0.33 on Jan 24th and sold 3.39 million FTM ($2.8 million) at $0.83 on Mar 19th, making ~$1.67 million on FTM before.
MKR
He spent $1.25 million to buy 464 MKR at $2,697 [on May 12th] and also spent 379 ETH ($1.22 million) to buy 428 MKR at $2,846 on Apr 30th.
PEPE
He spent $558,000 to buy 70 billion PEPE on May 8th.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Whale Loses Over $8,430,000 After Capitulating on Ethereum and Two Additional Altcoins: On-Chain Data appeared first on The Daily Hodl.
