The Ethereum whale, 0x3c9E, has been under close attention since its habit of purchasing ETH at high prices and selling it under panic is continuous. This wallet, according to blockchain analytics firm Lookonchain, has made more than $400 million in trades in the last two months almost inevitably at a loss.
A Series of Unprofitable Trades
A statistics put together by Lookonchain reveal a pattern of badly timed trade. The whale purchased 16,800 Ethereum amounting to $74.3 million during August 8 to August 15 at an average price of 4,424. Only a few days after, August 15-18, the whale sold 10,500 ETH at 4,395, registering losses in the market as it soften.
The trend continued. The whale panic-sold 1,000 ETH at a loss of $4.08 million on August 20 at a lower price of 4,084, whereas he had earlier purchased 600 ETH at an inflated price of 4,337. Between August 25 and September 1, the whale sold 19,800 Ethereum valued at $88.4 million at a price of $4,466, again lower than previous prices of purchase.
The Most Recent Panic Ethereum Sale
As of September 22, 2025, according to the report made by Lookonchain, whale 0x3c9E panic-sold 1,000 Ethereum, which was worth $4.19 million at an average price of 4,322. It came after a September 12-16 acquisition of 2,101 Ethereum at an average price of 4,529 which locked in a further set of losses.
This has prompted analysts to refer to the address as the buy-high-sell-low whale because it has recurring propensity of joining in the market at the top and coming out at the bottom.
Market Reaction and Speculation
The plan by the whale has attracted a lot of controversy in the crypto community. There is speculation that the address could be associated with an institutional investor who does not manage their assets effectively or even do experimental trading. Other people will propose an emotional trading pattern whereby the panic-selling is caused by the volatility in the market.
No matter the line of explanation, the track record is indisputable: every single acquisition of pre-eminent size by Ethereum was accompanied by a greater selling at a lower price rate.
Lessons for the Market
The example of whale 0x3c9E shows the value of discipline and time in trading cryptocurrencies. Although whales generally affect the mood of the market, this example proves that even big holders cannot be safe in making poor decisions. To retail investors, the moral of the story is obvious; they should not engage in emotional trading and they should not chase the prices.
