A large Ethereum whale has suffered significant losses after purchasing 8,825 ETH at an average price of $3,169 per ETH between July 27th and August 3rd. The market downturn that followed on August 4th resulted in a loss of nearly $4 million for the whale.

Lookonchain, a crypto tracking platform, identified the whale’s transactions and noted that on Monday, they deposited the entire holdings back on Binance for $24 million.

Other institutional investors echoed the whale’s actions, as evidenced by the deposits made by Amber Group and Cumberland to Binance and Kraken.

Ethereum’s price has dropped by nearly 4% in the past 24 hours, currently trading at $2,573. This decline has contributed to the overall losses incurred by the whale and other investors.

This incident serves as a reminder of the inherent risks involved in cryptocurrency investing. Market volatility can lead to significant losses, even for experienced investors.