Massive Whale Trades on Binance: This Altcoin Sold Big – $20 Million in Unrealized Losses

According to the latest onchain data, a major crypto whale has made a large transfer via Binance.

According to the data, minutes ago, the crypto whale in question deposited 6,900 ETH worth $17.87 million to Binance.

Interestingly, this whale purchased a large amount of Ethereum worth as much as $196.4 million from different cryptocurrency exchanges between January 28 and May 28. The purchases were made for an average of $3,021. Then, on July 16, the same whale started selling, making a total of $67.24 million in sales.

The whale made these sales for an average of $3,075. In other words, the whale realized a profit of $1.2 million from its transactions.

However, with the Ethereum price falling significantly in the general market decline, the whale has a large unrealized loss. When the ETH price is calculated to be trading at $2,571 at the time of writing, it has a loss of approximately $20 million. On the other hand, considering the volatility in the cryptocurrency market, the whale wallet will probably wait for the ETH price to rise above $3,000 again.

*This is not investment advice.