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%.
Fetch.ai (FET) year-to-date price chart. Source: Finbold
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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