A wealthy cryptocurrency investor recently experienced a significant loss of over $4.5 million when attempting to make a long position on Ethereum (ETH) not once, but twice. This unfortunate incident was reported by Lookonchain, a digital asset tracker.

According to Lookonchain, the investor initially lost $500,000 during their first attempt to leverage the leading smart contract platform. However, their losses escalated even further during their second try.

The report states, “This particular investor sold off all their 10,701 ETH ($33 million) on the Binance exchange just two hours ago in order to repay a debt. Unfortunately, they ended up losing more than $4 million once again! They had decided to go long on ETH by depositing ETH into Compound, a decentralized lending platform, and borrowing USDT to purchase even more ETH.”

Lookonchain also reveals that while this particular investor faced losses, other wealthy individuals, known as whales, have been accumulating Ethereum. One such whale withdrew a staggering 10,000 ETH valued at $31.5 million from Binance on Monday and invested it in the decentralized finance (DeFi) project Pendle (PENDLE) as well as Renzo, a liquid restaking token associated with EigenLayer. EigenLayer, on the other hand, is a restaking protocol that operates on the Ethereum network.

Another whale withdrew 5,282 ETH worth $48.2 million from the crypto exchanges Binance and OKX on the same day.

At the time of writing, ETH is trading at $3,093. It’s worth noting that this second-ranked cryptocurrency has experienced a decline of almost 12% over the past week and more than 14% over the past month.

Furthermore, Ethereum is currently more than 36% below its all-time high of $4,878, which was achieved in November 2021, as reported by CoinGecko.

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