Long-Term ETH Bull Loses Millions as Market Turns Bearish

A prominent cryptocurrency whale, known for their bullish stance on Ethereum, has finally capitulated after months of mounting losses. The whale, identified by the wallet address 0x1111567E0954E74f6bA7c4732D534e75B81DC42E, had been aggressively accumulating ETH/BTC exchange rate positions since 2024.

However, as the broader cryptocurrency market experienced a downturn, the whale's long positions became increasingly unprofitable. In the past few hours, the whale liquidated a significant portion of their ETH holdings, selling approximately $10.05 million worth of WETH at an average price of $2,519. The proceeds from this sale were used to repay an Aave loan, effectively closing out their positions.

This liquidation marks the end of a painful year for the whale, who is estimated to have incurred losses of over $22.45 million due to their long exchange rate positions.
#ETH $ETH $AAVE