An unknown whale has sold off their altcoin positions for a massive loss after prices dipped, according to on-chain data.
First reported by blockchain tracking service Lookonchain, one whale capitulated their positions in Ethereum (ETH) and layer-2 altcoins Optimism (OP) and Arbitrum (ARB).
Lookonchain says the whale, with wallet addresses beginning with 0x12199 and 0xac218, suffered losses of $8.43 million.
“So sad!
This whale sold all ETH, OP, and ARB at a loss of ~$8.43 million.
Sold 6,714 ETH ($19.5 million) at $2,903 and lost $6.45 million!
Sold 428,047 OP ($1.06 million) at $2.48 and lost $902,000!
Sold 901,685 ARB ($882 million) at $0.98 and lost $1.08 million!”
At time of writing, ETH is trading for $2,888, while OP and ARB are worth $2.45 and $0.962, respectively.
Lookonchain also spotted a “smart money” whale accumulating several altcoins.
According to the firm, one wallet beginning with 0xd876 accumulated seven figures worth of the layer-one blockchain Fantom (FTM), decentralized finance (DeFi) project Maker (MKR) and memecoin Pepe (PEPE).
“Which altcoins is the smart money buying?
The smart money holds $23.3 million of assets and has previously made $1.67 million trading FTM.
He bought MKR, FTM, and PEPE recently.
FTM
He spent 726 ETH ($2.26 million) to buy 3.18 million FTM on May 7th.
He bought 3.39 million FTM ($1.13 million) at $0.33 on Jan 24th and sold 3.39 million FTM ($2.8 million) at $0.83 on Mar 19th, making ~$1.67 million on FTM before.
MKR
He spent $1.25 million to buy 464 MKR at $2,697 [on May 12th] and also spent 379 ETH ($1.22 million) to buy 428 MKR at $2,846 on Apr 30th.
PEPE
He spent $558,000 to buy 70 billion PEPE on May 8th.”
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