A crypto trader holding 22,341 ETH sold the assets days before the market crash, avoiding a potential loss of over $5 million. The trade was flagged by the blockchain analysis platform Lookonchain. While the trader lost around $1.7 million in value, they managed to avoid further potential losses. On Aug. 18, crypto’s market capitalization dropped by 6% to $1.1 trillion, with Ether dropping from around $1,820 per token to about $1,597 the next day. Bitcoin also experienced a drop before making a recovery. The market crash followed a report that Elon Musk’s SpaceX wrote down $373 million worth of BTC. It remains unclear whether the entire holdings were sold or not. Some users criticized Musk on social media for his actions.
Summary:
– A crypto trader sold 22,341 ETH before the market crash, avoiding a potential loss of over $5 million.
– The trade was flagged by Lookonchain.
– The trader lost around $1.7 million in value but avoided further potential losses.
– On Aug. 18, crypto’s market capitalization dropped by 6% to $1.1 trillion.
– Ether dropped from $1,820 per token to about $1,597.
– Bitcoin also experienced a drop before recovering.
– Elon Musk’s SpaceX wrote down $373 million worth of BTC, and it’s unclear if the entire holdings were sold.
– Some users criticized Musk on social media for his actions.
