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Worst Investor out There? This Ethereum Whale Lost $5.1 Million and Still Doubles Down

Thu, 08/31/2023 - 08:56
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Arman Shirinyan
This Ethereum whale might not know what he is doing
Worst Investor out There? This Ethereum Whale Lost $5.1 Million and Still Doubles Down
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Stories about savvy whales and investors making millions have become a usual part of the cryptocurrency industry, but what about those who do not have the Midas touch but still manage fairly large sums of Ether?

One such Ethereum investor has been grabbing attention for all the wrong reasons. This individual seems to have a knack for making poor choices when it comes to perpetual contracts, and their recent moves have left many in the crypto world utterly baffled.

String of disastrous investments

This particular investor has seen their Ethereum long positions go up in smoke not once but twice during recent market downturns. The losses? A jaw-dropping $5.1 million. Most people would probably take this as a sign to step back and rethink their approach. Not this investor. In a bewildering move, they have decided to go long on Ethereum yet again, this time diving in at an entry price of $1,717.

Ether chart
Source: TradingView

Rolling dice once more

What is truly perplexing is that Ethereum's current market value is teetering around $1,704.75. This means our audacious investor is already staring down the barrel of another loss. What is the game plan here? Are they hoping for a miraculous market turnaround, or are they simply throwing caution to the wind?

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While Ethereum's market has been holding steady, this investor's puzzling actions have not gone unnoticed. Market watchers and crypto pundits are scratching their heads, trying to make sense of it all. Is this a case of overconfidence, or perhaps a lack of understanding of the inherent risks?

Ignoring basic principles can lead to catastrophic financial setbacks. Whether this investor is an eternal optimist or just lacks trading acumen, their actions serve as a lesson to us all: have a well-thought-out strategy and prepare for every possible scenario.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.