A Mysterious Giant Whale Splashes $300 Million to Buy ETH, Resulting in a Loss of $26 Million!

On-chain data reveals big news—a mysterious address starting with 0xdf has wildly purchased $300 million in ETH through Galaxy Digital's OTC trading channel, only to find a floating loss of 8.7% right after building the position, equivalent to $26 million gone down the drain! This operation is hair-raising to watch...

Taking a closer look at the timeline of this transaction:

1. The timing of the purchase hit a landmine—just as the SEC postponed the Ethereum ETF approval announcement, ETH plummeted.

2. OTC trading holds secrets—using Galaxy Digital's OTC desk clearly aims to avoid impacting market prices.

3. Current position shows a floating loss of 8.7%—at current prices, this $300 million position has evaporated enough to buy a Bugatti Veyron.

The industry is guessing the identity of this whale:

1️⃣ It could be a hedge fund positioning for expectations of an ETH spot ETF.

2️⃣ Or a Middle Eastern sovereign fund entering through compliant channels.

3️⃣ The most dramatic speculation—a certain trapped institution is "holding on and adding to the position."

The key questions arise:

1. Is this a case of "smart money" buying on dips, or retail institutions picking up at high prices?

2. Did Galaxy Digital, as a well-known market maker, know about the ETF's negative news in advance but still facilitated the trade?

3. If ETH continues to drop, will the whale trigger a forced liquidation?

(On-chain data shows that this address has not yet cut losses, but if ETH breaks key support levels... the scenario is too beautiful to imagine.) $ETH