A cryptocurrency trader has incurred massive losses of over $2 million after holding Ethereum (ETH) for nearly a year.
The long-term Ethereum investor capitulated, locking in a staggering $2.6 million loss in a transaction initiated within 30 minutes, according to the latest on-chain data retrieved by Finbold from Arkham Intel on April 16.
The unidentified trader initially withdrew 1,160 ETH valued at $4.43 million from the OKX cryptocurrency exchange 11 months ago. At the time, Ethereum was changing hands at $3,816.
Crypto trader’s Ethereum transaction. Source: Arkham
The ETH was then transferred to a self-custody wallet, suggesting a long-term investment strategy or an anticipation of higher prices.
30 mins of capitulation
However, on April 16, within just 30 minutes, the same wallet sent the full amount of ETH back to OKX in three major deposits, 658.3 ETH, 500 ETH, and 2 ETH, at an average exit price of around $1,580, totaling $1.83 million.
Arkham’s analysis ind
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