A cryptocurrency whale has recently reported massive losses due to poor timing of long positions on perpetual contracts. According to Lookonchain, the whale was liquidated when Ethereum dropped from over $1.86k to below $1.7k, resulting in a loss of $3.8 million. Another long position was tracked 13 days ago, when Ethereum was seemingly increasing in value, but the whale was liquidated when the asset dropped to $1.62k, resulting in a loss of $1.289 million. The two losses combined add up to $5.1 million. Despite the losses, the whale reentered the market on Aug. 29 when Ethereum was trading at $1,717. Since then, ETH has sharply dropped. Comments about the report noted that the “whale needs a better strategy!”

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	None
Companies	Ethereum, Binance, Grayscale, SEC, Lookonchain
Currencies	Ethereum, Bitcoin
Securities	None