Crypto Trader Spends $3.8M to Buy Back Ether (ETH) at a Significantly Higher Price After Dumping the Asset

A crypto trader spent $3.8 million to buy back Ether (ETH) at a significantly higher price after selling the asset for almost the same amount about a month ago.

A crypto trader sold 2,522 Ether (ETH) for $3.9 million on April 13, when the asset was changing hands at around $1,570.

However, the trader had to spend $3.8 million to purchase 1,425 ETH at $2,670 in order to fully reenter ETH after a major rally, according to blockchain analytics firm Lookonchain.

“Think twice before selling your bags,” Lookonchain added.

The trader sold 2,522 ETH for $3,900,000 on April 13th, when the asset was sold at an average price of $1,550. But the trader had to spend $3,800,000 to buy back 1,425 ETH at an average price of $2,670 on May 22nd to fully reenter ETH after a major rally.

Still a poor trade. Especially when considering the potential gains if the trader just held on to their Ether.

If the trader decided to hold on to their Ether, the assets would be worth about $6,700,000 at the time of writing.

With ETH up over 70% since the sale, the trader lost out on over 1,000 ETH, or roughly $2,670,000, in the process of buying back in.

As ETH price rose, the asset's market capitalization surpassed that of large companies. According to company data tracker 8marketcap, at the time of writing, Ether’s $321 billion market capitalization makes it the 38th most-valuable asset in the world, surpassing pharmaceutical company AbbVie and inching closer to the Bank of America.

At the time of writing, the price of ETH stands at $2,654, having risen by 1.67% over the past 24 hours.

At the time of writing, the price of ETH stands at $2,654, having risen by 1.67% over the past 24 hours. It is currently the second-largest cryptocurrency, with a market capitalization of $320 billion.