Gate News reports that on March 17, on-chain analyst Yu Jin monitored that a certain whale/institution, which previously invested $500 million in early February to buy the dip in BTC and ETH, reduced its holdings last night (March 16) after the market rose. The whale sold 12,000 ETH and 330 cbBTC, worth $51.79 million. However, ETH prices have not yet recovered to their average purchase price, so this reduction was a cut-loss operation: the whale’s average cost for ETH is $2,667, and for cbBTC is $73,837. The partial sale resulted in a loss of $19.66 million. Currently, the whale still holds $603 million worth of ETH and BTC: 138,000 ETH (valued at $326 million) and 3,670 cbBTC (valued at $277 million).
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