Whale profits $58M as market downturn deepens
An Ethereum whale is on $ 58 million in unpaid profits after having short-circuited ether at $ 3,220.
Coinglass data showing cryptocurrency liquidations exceeding $ 1 billion in the middle of a new market crash, many traders have been faced with massive losses. However, as Bitcoin (BTC) and Altcoins plunged, a merchant who short-circuited Ethereum (Ethn) is positioned for important gains.
The Whale has short-circuited ETH with a 50x lever effect, taking the position like the Haut Altcoin was negotiated at $ 3,220.
According to Data Lookonchain common By Lookonchain on X, the merchant currently has $ 58 million in unpaid profits, including financing costs. This occurs when Ether fell below $ 2,400. On February 25, the Altcoin Leader by market capitalization fell two figures, reaching a low $ 2,337, its lowest level since September 2024.
February 3, Lookonchain highlighted The short position of another whale that generated more than $ 30 million in profits. This merchant also used a 50x lever effect and, as ether has decreased, their position has passed to an unrealized profit.
Ethereum has faced a significant drop pressure in recent weeks, the last decline coinciding with an increase in exchange entries. Whale Alert said 50,000 ether had been transferred from an unknown portfolio to Kraken.
On Tuesday, chain data showed that Blackrock had deposited 18,168 ether, worth more than $ 44 million in Coinbase. The asset manager also deposited 1,800 Bitcoin, estimated at around 160 million dollars, with the United States-based exchange. Solid Intel reported BlackRock transactions on X.
Unlike the ETH Whale that failed, Lookonchain Earlier, highlighted a Bitcoin whale that lost $ 8.8 million after having gone BTC for a long time.
The merchant opened a long position when Bitcoin oscillated around $ 101,663.
While the price of the flagship cryptocurrency was below $ 90,000, the position overturned in a loss of $ 8.84 million on the hyperliquidal.
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