Cryptocurrency whale loses a record $ 8 million due to falling token value

An unidentified cryptocurrency whale has sold off its positions in altcoins at a huge loss after prices fell, according to online data.

This was reported by the blockchain tracking service Lookonchain: one whale capitulated from its positions in Ethereum (ETH) and second-tier altcoins Optimism (OP) and Arbitrum (ARB). According to analysts, the investor’s wallet addresses 0x12199683be663f927fcd0e7ca9b90360613fe206 and 0xac2184e6954593f9c350180300d182f7580ed561 suffered losses of $ 8.43 million.

«So sad, this whale sold all ETH, OP, and ARB for a loss of $ 8.43 million. He 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!» Lookonchain wrote.

At the time of writing, ETH is trading at $ 2,888, while OP and ARB are worth $ 2.45 and $ 0.962, respectively.

Another cryptocurrency whale has woken up, moving 1000 BTC from its wallets for the first time in 10.7 years. According to the Lookonchain analytical platform, the bitcoins were transferred to these addresses on September 12 and 13, 2013. At the time of writing, bitcoin is trading at $ 61,600. This means that the value of the coins purchased in 2013 at a price of $ 124 has increased to a whopping $ 61.1 million.

As a rule, many holders decide to start selling their tokens in an effort to capitalize on the jump in BTC or ETH prices. However, in many cases, users also manage to recover their long-lost private keys only now.