On-chain data shows that an unknown whale sold altcoin positions at huge losses after the price fell.
As first reported by blockchain tracking service Lookonchain, a whale has abandoned positions in Ethereum (ETH) and layer 2 altcoins Optimism (OP) and Arbitrum (ARB).
Look on chain Called Whales with wallet addresses starting with 0x12199 and 0xac218 lost $8.43 million.
“I’m so sad!
The whale sold ETH, OP, and ARB together for a loss of ~$8.43 million.
Sold 6,714 ETH ($19.5 million) for $2,903 and lost $6.45 million!
Sold 428,047 OP ($1.06 million) for $2.48 and lost $902,000!
“Sold 901,685 ARBs ($882 million) at $0.98 and lost $1.08 million!”
At the time of this writing, ETH is trading at $2,888, and OP and ARB are worth $2.45 and $0.962, respectively.
Look on chain too spotted “Smart money” whales that accumulate multiple altcoins.
According to the company, one wallet starting with 0xd876 has accumulated a seven-figure value of layer-1 blockchain Fantom (FTM), decentralized finance (DeFi) project Maker (MKR), and memecoin Pepe (PEPE).
“What altcoins is smart money buying?
Smart Money has $23.3 million in assets and previously earned $1.67 million from FTM trading.
He recently purchased MKR, FTM and PEPE.
FTM
He purchased 3.18 million FTM on May 7 using 726 ETH ($2.26 million).
He previously earned ~$1.67 million in FTM by purchasing 3.39 million FTM ($1.13 million) for $0.33 on January 24th and selling 3.39 million FTM ($2.8 million) for $0.83 on March 19th.
MSEK
He used $1.25 million to purchase 464 MKR for $2,697 on May 12, and on April 30, he used 379 ETH ($1.22 million) to purchase 428 MKR for $2,846.
pepe
He spent $558,000 on May 8 to purchase 70 billion PEPE.”
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