According to Odaily, a blockchain analyst named Yu Jin has reported a significant loss incurred by a whale due to a trading strategy involving Ethereum (ETH). The whale initially sold 50,754 ETH at $1,754 per unit on April 23, converting them into 89.03 million USDT. This transaction included 15,000 ETH borrowed for short selling.
After 27 days, the whale repurchased 34,343 ETH using the 89.03 million USDT at a price of $2,592 per ETH. This resulted in a reduction of their ETH holdings from 35,754 to 19,302 ETH, marking a loss of 16,452 ETH.
In terms of value, the whale experienced a financial loss of $42.64 million. The current value of their 19,302 ETH is approximately $50.04 million, whereas the original 35,754 ETH would be valued at $92.69 million today.
