Finbold 2025-04-16 14:57:49

Crypto trader loses millions in 30 mins trading this cryptocurrency

A cryptocurrency trader has incurred massive losses of over $2 million after holding Ethereum ( ETH ) for nearly a year. The long-term Ethereum investor capitulated, locking in a staggering $2.6 million loss in a transaction initiated within 30 minutes, according to the latest on-chain data retrieved by Finbold from Arkham Intel on April 16. The unidentified trader initially withdrew 1,160 ETH valued at $4.43 million from the OKX cryptocurrency exchange 11 months ago. At the time, Ethereum was changing hands at $3,816. Crypto trader’s Ethereum transaction. Source: Arkham The ETH was then transferred to a self-custody wallet, suggesting a long-term investment strategy or an anticipation of higher prices. 30 mins of capitulation However, on April 16, within just 30 minutes, the same wallet sent the full amount of ETH back to OKX in three major deposits, 658.3 ETH, 500 ETH, and 2 ETH, at an average exit price of around $1,580, totaling $1.83 million. Arkham’s analysis indicated that this fire-sale level price represented a 58.6% drop from the entry point, resulting in a realized loss of approximately $2.6 million. Adding to the trail of capitulation, a small fraction of 0.01 ETH was also sent, likely as a test transaction. As of press time, the investor’s wallet held Ethereum valued at just $2.56. it remains unclear what triggered the sudden liquidation, whether fear of further losses or a strategic portfolio rebalancing, the scale and speed of the sale are notable. This comes when Ethereum has mostly faced sustained downward pressure after losing the $2,000 support level. At the time of reporting, the second-ranked cryptocurrency by market cap was trading at $1,571, having dropped 2.5% on the day, though ETH remains up 6.5% over the past seven days. ETH one-week stock price chart. Source: Finbold Ethereum is currently trading significantly below its 50-day and 200-day simple moving averages ( SMA ). This positioning beneath key moving averages signals a strong bearish trend, with the asset underperforming its medium, and long-term price momentum. Featured image via Shutterstock The post Crypto trader loses millions in 30 mins trading this cryptocurrency appeared first on Finbold .

Related News

Bitcoin price breaks bearish structure: is a highe...
22 Apr 2025
Sui rises 11% in a day, as memecoin craze gains mo...
22 Apr 2025
Market Dynamics Shift as Fed Signals Major Policy...
22 Apr 2025
Revolutionary Stablecoin: ING’s Bold Collaboration...
22 Apr 2025
Qubetics raises $16.3m as Bitcoin breaks $88.6k
22 Apr 2025
Bitcoin Price Regains $91k After Seven Weeks: Top...
22 Apr 2025

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Crypto trader loses millions in 30 mins trading this cryptocurrency

Most Read News

Related News