Ethereum Whale Loses $3 Million as ETH Price Drops Below $2,000

The whale had previously acquired 2,140 ETH, totaling $7.13 million, at an average price of $3,331 per ETH about three months ago.

An Ethereum whale has reportedly logged a significant loss, according to on-chain data shared by The Data Nerd.

The whale had previously bought 2,140 ETH for a total of $7.13 million at an average price of $3,331 per ETH about three months ago. However, with Ethereum’s current price downturn, the value of those holdings has decreased substantially.

Today, the whale deposited their ETH to Binance, where it was valued at $4.06 million. If the whale decided to sell at this price, they would be realizing a loss of roughly $3.08 million, or 43% of their initial investment.

This sharp decline comes amid broader struggles in the Ethereum market, with the cryptocurrency trading at its lowest point in a year. It has experienced a 20% drop in value over the past month and is currently changing hands at $1,816—62% lower than its all-time high.

Unlike other altcoins, Ethereum failed to reach its previous peak despite market optimism in the past bull cycle.

This loss highlights the risks that large investors face in the volatile crypto market, where fluctuations in price can have serious financial repercussions. Despite Ethereum’s potential, the current market downturn has had harsh consequences, which are painfully evident for this whale.