Large Crypto Investor Transfers $24 Million to Binance to Absorb Loss on Ethereum (ETH) Transaction

An Ethereum investor faced a significant loss of nearly $4 million this summer after purchasing 8,825 ETH just before the market downturn a few weeks ago, as reported by the crypto tracker Lookonchain. The data from Lookonchain reveals that the investor acquired the 8,825 Ethereum for $27.96 million, with an average price of $3,169 per ETH from Binance between July 27th and August 3rd.

The cryptocurrency market experienced a sharp decline on August 4th. Following this, the same investor deposited the entire stash of ETH back on Binance for $24 million on Monday, resulting in a loss of $3.96 million. Additionally, Lookonchain highlighted that institutional entities seemed to be offloading Ethereum on the same day. Notably, the digital asset financial services firm Amber Group deposited 6,443 ETH valued at $17.62 million to Binance and Kraken, while the crypto trading firm Cumberland deposited 6,439 ETH worth $17.66 million to Binance.

At the time of writing, Ethereum is trading at $2,573. The second-largest cryptocurrency by market capitalization has witnessed a nearly 4% decline in the past 24 hours. Conversely, Lookonchain data indicates that another investor was actively accumulating Solana-based memecoin dogwifhat (WIF). This investor deposited 700,000 WIF valued at $1.25 million to the decentralized lending and borrowing protocol Marginfi. They borrowed 197,000 of the dollar-pegged stablecoin USDC to purchase 110,000 WIF, bringing their total WIF holdings to 3.3 million, valued at $5.94 million.

WIF is currently trading at $1.66, experiencing a nearly 7% drop in the last day. It is crucial to stay updated on the latest developments in the crypto market to make informed decisions.