Blockchain analytics firm Lookonchain spotted some whale activity that cost the trader $2.67 million when viewed over the timeline. The firm posted about the occurrence on X, cautioning people to be careful about when they choose to sell their crypto.
On the 13th of April, the trader liquidated approximately 2,522 ETH in exchange for $3,960,556 in the form of USDC. Then, on the 22nd of May, the trader bought 1,425 ETH for $3,789,819 in the form of USDC.
Source: Coinmarketcap.com
The price of Ethereum was trading at $2,649 at the time of reporting. The coin’s value is up by 62.36% over the past month, according to CoinMarketCap. Considering the purchase price for both transactions was similar, the trader had to buy Ethereum at a higher purchase price the second time around, indicating a loss.
The Ethereum blockchain continues to retool with key upgrades such as Pectra, introducing smart account wallet features, increased L2 capacity, and UX upgrades. The official Ethereum account on X has highlighted 21 key changes in the past few weeks, some of which include new Layer 2 chains and a stronger ecosystem through collaboration with other companies.