A cryptocurrency whale recently experienced a significant loss of over $4.5 million while 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 whale initially lost $500,000 during their first attempt to make a long position on the leading smart contract platform. However, they ended up losing a much larger amount during their second try.

The whale’s actions involved selling all of their 10,701 ETH (equivalent to $33 million) on the Binance exchange in order to repay a debt. Unfortunately, this resulted in a loss of more than $4 million. The whale then decided to go long on ETH by depositing ETH on the decentralized lending platform Compound and borrowing USDT to purchase more ETH.

Compound, known as COMP in the crypto world, is a decentralized lending platform.

Lookonchain also pointed out that other whales are currently accumulating Ethereum. One particular whale withdrew 10,000 ETH worth $31.5 million from Binance on Monday and staked it into the decentralized finance (DeFi) project Pendle (PENDLE) and Renzo, a liquid restaking token for EigenLayer. EigenLayer, in turn, is a restaking protocol built on the Ethereum network.

Furthermore, another whale withdrew 5,282 ETH worth $48.2 million from the crypto exchanges Binance and OKX on Monday.

As of now, ETH is trading at $3,093. The second-ranked cryptocurrency based on market capitalization has experienced a decline of nearly 12% in the past week and over 14% in the past month.

It’s worth noting that Ethereum is currently more than 36% down from its all-time high of $4,878, which was reached in November 2021, according to CoinGecko.

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