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Ethereum whale loses over $100 million as price tumbles double digits
A significant Ethereum investor has suffered a devastating loss after the asset’s value plummeted by double digits, resulting in a staggering liquidation of over $106 million. According to reports from Lookonchain, this massive loss was incurred by an Ethereum holder who had been storing 67,570 units of ETH on Maker.
The drastic decline in price saw the whale’s entire stash being sold off, leaving them with a substantial financial hole. This drastic fall in value occurred after Ethereum dropped below $1,500, marking its lowest point since March 2020.
Despite the turbulent market conditions, there are some investors who see the current downturn as an opportunity to accumulate more ETH. A whale known as “7 Siblings” has reportedly purchased 24,817 units of the asset for around $42 million, bringing their overall holdings up to over 1.2 million ETH, valued at approximately $1.9 billion.
Since February 3, this investor has spent a significant amount, nearly $230 million, on acquiring 103,543 ETH, currently holding an estimated loss of $64 million on the accumulated coins.
Source: https://cryptobriefing.com/ethereum-price-plunge-whale-loss/
