Ethereum whale loses 6.2 million after withdrawing 21,000 ETH in ten days with leveraged strategy

A major Ethereum investor experienced significant losses after executing a cyclical leverage strategy during the period from December 5 to December 15. According to on-chain monitoring data provided by analyst Ai姨, this whale operator accumulated an unrealized disadvantage of approximately $6.246 million.

Magnitude of the movement and fund distribution

Over a ten-day period, the investor moved 21,850.15 ETH from exchanges to private wallets, equivalent to nearly $70.6 million. The average exit price was $3,231 per token. The most recent recorded operation occurred just six hours ago, when an additional 2,000 ETH worth approximately $5.84 million was withdrawn.

The withdrawn Ethereum was distributed across five wallet addresses, maximizing security through diversification. This distribution is typical among institutional operators seeking to segregate funds for different operational purposes.

Leverage structure and risk exposure

One of these addresses, identified as 0xce9…57c69, stands out for its cyclical leverage setup. In this wallet, the investor deposited 18,706.9 ETH as collateral to access a loan of $31.34 million USDT. This position maintains a health index of 1.41, indicating a moderate safety margin.

The strategy reflects a bullish positional bet on Ethereum, financed through debt. However, with the current ETH price around $3.11K, the position has incurred substantial floating losses since the entry average.

Market implications

This case illustrates the inherent risks of leveraged strategies at significant volumes. Whale movements often serve as indicators of shifts in institutional sentiment and can influence short-term price dynamics. The deterioration of the position reflects ongoing volatility in cryptocurrency markets and the importance of risk management even among experienced operators.