A couple of cryptocurrency wallets have recently lost a massive amount of Ethereum ($ETH). As per the data from Lookonchain, the two wallets lost up to 142 $ETH in panic selling. The well-known on-chain analytics provider shared insights into the latest losses of the crypto wallets.
2 Wallets Hit by $353K in $ETH Losses in Panic Selling Amid Market Volatility
The market data discloses that the significant volatility in the Ethereum ($ETH) market led the two crypto wallets to panic sell their holdings. In this respect, they collectively lost up to $353K because of their mismanaged trades amid volatility. Hence, the wallets sold nearly 4,598 $ETH, equaling $10.95M to buy $DAI at its local low price of $2,383 on the 22nd of June.
Just 4 days following that panic selling, as the top altcoin rebounded, the wallets purchased back 4,455 $ETH. This time, they paid $10.95M to buy the respective amount. In this respect, they purchased the $ETH coins at $2,459 as the average price, which was quite high. With this, they incurred $353K in losses.
Poorly-Timed Trades Lead to Loss of 142 $ETH
According to Lookonchain, these trades of the aforementioned wallets left them with huge losses valued at almost 142 $ETH. Keeping this in view, the traders should be careful while taking emotion-driven decisions amid the significantly volatile market. Apart from that, this event also indicates the importance of the timely and precise decisions in the crypto sector to make profits.
