Crypto Whale Sends $24,000,000 to Binance To Take Loss on Ethereum (ETH): Lookonchain

An Ethereum whale lost nearly $4 million this summer after buying 8,825 ETH prior to the market downtick a few weeks ago, according to the crypto tracker Lookonchain.

Lookonchain notes the whale bought the 8,825 Ethereum for $27.96 million at an average price of $3,169 per ETH from Binance between July 27th and Aug 3rd.

Crypto prices plunged on August 4th.

On Monday, the same whale deposited that entire trove of ETH back on Binance for $24 million, losing $3.96 million.

Lookonchain also notes that institutions appeared to be selling Ethereum on Monday. The digital asset financial services firm Amber Group deposited 6,443 ETH worth $17.62 million to Binance and Kraken, and the crypto trading firm Cumberland deposited 6,439 ETH worth $17.66 million to Binance.

Ethereum is trading at $2,573 at time of writing. The second-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.

Conversely, the crypto tracker notes another whale appeared to be gobbling up Solana the (SOL)-based memecoin dogwifhat (WIF).

On Monday, the whale deposited 700,000 WIF worth $1.25 million to the decentralized lending and borrowing protocol Marginfi and borrowed 197,000 of the dollar-pegged stablecoin USDC to buy 110,000 WIF. In total, the whale currently holds 3.3 million WIF worth $5.94 million.

WIF is trading at $1.66 at time of writing. The 55th-ranked crypto asset by market cap is down nearly 7% in the past day.

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