Whale Reportedly Loses $18.8 Million on Ethereum, Pivots to Gold
Blockchain data from Lookonchain shows the investor redirected funds into Tether Gold after heavy Ethereum losses, securing millions in unrealized gains from gold-backed assets.
ETH
XAUT
Summary
According to Lookonchain, a crypto whale purchased 7,536 Tether Gold (XAUT) tokens worth $36.04 million after incurring losses of approximately $18.8 million in Ethereum trading within two weeks. Since December 13, the whale accumulated the gold-backed tokens at an average price of $4,786 each, resulting in an unrealized profit of $2.3 million. The move reflects a strategic pivot from volatile cryptocurrency positions to asset-backed tokens following significant Ethereum losses.
Terms & Concepts
- Ethereum (ETH): A decentralized, open-source blockchain system that features smart contract functionality.
- Tether Gold (XAUT): A gold-backed stablecoin issued by Tether, representing ownership of physical gold.