News

Whale’s High-Stakes Moves: $7.66 Million ETH Withdrawn and Risky PERP Investment

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Chubbi

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

22 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

45 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.