finbold.com
Two cryptocurrency traders capitulated and lost $2.61 million in a one-month trade with Fetch.ai (FET). Whales reportedly dumped $10 million worth of FET with millionaire realized losses, according to SpotOnChain’s recent reports.
First, ‘Whale 0xdf8′ sold all its 2.739 million FET for 2,095 of Ethereum (ETH), worth $6.66 million. The sales averaged $2.431 per token and marked “the end of the whale’s fifth FET trading cycle,” as reported.
The trader bought these 2.739 million FET on March 26 for a dollar-cost average of $3.031. Therefore, ‘Whale 0xdf8’ realized $1.64 million in losses with this one-month trade, diminishing its ETH stack by 20%.
Meanwhile, in the same period, ‘Whale 0x9eb’ capitulated for around $977,000 in its first FET trading cycle, wrote SpotOnChain. This second crypto trader bought 1.504 million FET for an estimated cost of $4.55 million. Later, selling all of it for $3.58 million worth of three Ethereum tokens from April 1 to April 21.
Fetch.ai (FET) price analysis
The artificial intelligence (AI) narrative dominated the cryptocurrency market in 2024. Notably, projects like Fetch.ai are up nearly 260% year-to-date and have rewarded early investors throughout 2024.
However, things could now change for FET and AI cryptocurrencies amid the notable sell-off by millionaire whales. Should other traders follow the example, Fetch.ai could lose momentum and give way to further narratives.
As of this writing, FET is trading at $2.42, up close to 10% in the last 24 hours. Interestingly, the token’s daily performance suggests ‘Whales 0xdf8 and 0x9eb’ waited for a green candle to dump their holdings.
Narratives come and go in the cryptocurrency space while traders try to navigate them in the best possible way. Sometimes, capitulating seems like the proper choice when facing other opportunities or the fear of larger losses in the future.
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