blockchainreporter.net
In the fast-paced and complex crypto trading world, not every trading strategy yields the anticipated results. The well-known on-chain analytics firm Lookonchain revealed that a noteworthy Ethereum whale, popular for arbitrage proficiency, has recently made less effective efforts at $ETH selling with a consistent sale of $ETH throughout the past month. The analytics platform disclosed the attempts of the whale on its official social media account. At the moment, $ETH is changing hands at $2,464.32
This whale is good at arbitrage but not good at selling $ETH!
— Lookonchain (@lookonchain) August 28, 2024
He sold 19,667 $ETH($47.3M) in the past month, and sold near the bottom every time!
He obtained $ETH through MEV bot arbitrage.https://t.co/egAluRtgWT pic.twitter.com/61WXDUncuB
An Effective Arbitrage-Conducting Ethereum Whale Struggles with $ETH Selling
Lookonchain disclosed that, despite a resilient track record concerning arbitrage, the whale has struggled with market timing. In this respect, the whale has sold $ETH near its local bottoms during the last month. Over this period, the whale has reportedly sold a cumulative 19,667 $ETH with a value of up to $47.3 million. Nonetheless, instead of capitalizing on the likely price peaks, the whale has made unfruitful efforts.
All $ETH Selling Attempts of the Whale Occur Near the Bottom
According to the analytics firm, the $ETH sales of the whale have taken place near the price dips’ bottom. The respective pattern has raised significant concerns among the crypto community. It highlights the challenges that the traders experience while attempting to precisely time the market.
The respective experience of the whale plays the role of a reminder of the crypto trading’s inherent risks. Additionally, it also illustrates that the efficiency in one zone like arbitrage does not mean a necessarily successful execution in the other area. Lookonchian added that the whale utilized the MEV bot arbitrage to obtain Ethereum $ETH.