Whale’s High-Stakes Moves: $7.66 Million ETH Withdrawn and Risky PERP Investment
- A crypto whale withdrew 4,700 ETH ($7.66 million) from Bithumb, followed by a substantial purchase of 6.8 million PERP tokens at $1.08 each, representing 10% of PERP’s circulating supply.
- However, the whale’s risky strategy resulted in a significant loss of $2.04 million (-29%) when they sold all their PERP holdings at an average price of $0.74, highlighting the volatile nature of the cryptocurrency market.
A crypto whale made significant transactions over the past two days, involving substantial amounts of Ethereum (ETH) and Perpetual Protocol (PERP) tokens, according to data from EmberCN.
The whale initiated their actions by withdrawing a substantial 4,700 ETH, equivalent to approximately $7.66 million, from the Bithumb exchange. Following this sizable withdrawal, they entered the PERP market, purchasing a substantial 6.8 million PERP tokens at a price of $1.08 each. This strategic move accounted for a notable 10% of the PERP token’s circulating supply.
However, the crypto whale‘s strategy took a risky turn when they decided to sell their entire PERP holdings, totaling 6.8 million tokens, for 5.02 million USDT (Tether) at an average price of $0.74 per PERP. This move resulted in a substantial loss of $2.04 million, representing a significant decline of approximately 29% from their initial investment.
The whale’s actions highlight the volatile and unpredictable nature of the cryptocurrency market, where significant gains can quickly turn into substantial losses. While the initial purchase of PERP tokens may have seemed strategic, the subsequent decision to sell at a lower price illustrates the challenges and risks associated with crypto trading.
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