The position was bought six months ago and is now down more than $3.87 million, according to Lookonchain, with the full holding transferred to Coinbase in a likely step toward selling.
A trader deposited all 3,128 ETH to Coinbase after the position fell more than $3.87 million, or 40%, over the past six months, according to Lookonchain. The transfer suggests the holder may be preparing to sell at a loss, as crypto assets are typically moved to centralized exchanges before liquidation. The new report revises an earlier description of the drawdown, while keeping the size of the holding and the exchange transfer unchanged.