Once made a huge profit of NT$100 million but did not sell it, the giant whale finally accepted the loss and ran out
It is often said that retail investors tend to buy high and sell low, but maybe giant whales with huge sums of money can also make wrong decisions?
On-chain analyst Lookonchain pointed out that a whale investor has continued to accumulate Synthetix Network ($SNX) in recent years. Although he once made a profit of about NT$100 million, he eventually took the loss and ran out. What happened?
Lookonchain issued an article on July 21 stating that the whale withdrew approximately 1.06 million $SNX from Binance between January 30, July 12, and August 24, 2023, at an average price of $2.17. (valued at $2.31 million).
In May 2024, his $SNX position had an unrealized profit of US$3.12 million (approximately NT$100 million), but he did not choose to sell it. Instead, it was fully liquidated on July 21, but by this time it was already a loss of 21.6 Ten thousand US dollars (approximately NT$7 million) appeared.
Image source: X/Lookonchain
Whale Investment $SNX once made a profit of NT$100 million but did not sell it
Even after missing out on NT$100 million in gains, the whale is still sitting on funds that far exceed that. It can be seen from his Ethereum address that an unknown wallet transferred him approximately 2,133 Ether coins ($ETH) 90 days ago, which is currently worth US$7.36 million, equivalent to approximately NT$240 million.
Another smart money whale is hoarding Bitcoin
On the same day, another whale labeled as "smart money" was actively hoarding Bitcoin. Lookonchain noted that a whale with a wallet address starting with 3QYQ8 withdrew 213.78 Bitcoins from Binance, worth approximately $14.48 million. Over the past four days, he has amassed a total of 677 Bitcoins, worth approximately $45.6 million.
Smart money is literally translated from Smart Money. There is currently no unified Chinese translation, but it usually refers to market participants with rich experience and the best investment performance, including institutions and giant whales.
Image source: X/Lookonchain
A crypto whale is actively hoarding Bitcoin
This is not the first time a giant whale has lost money.
"Crypto City" previously reported that a giant whale bought and sold Solana meme coin Dogecoin ($WIF) in batches multiple times from April to June this year, but lost money every time, with a total loss of US$4.63 million, equivalent to About NT$150 million, which made him call the giant whale "not a lesson learned!"
The behavior of this giant whale is like the epitome of retail investors, and also reflects the high risk and high volatility of the cryptocurrency market. Investors, regardless of their capital size, must be cautious when making decisions.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
