Major Ethereum investors are facing significant financial setbacks as the price of ETH dropped below the $4,000 threshold, leading to combined losses exceeding $60 million. On-chain data from Lookonchain reveals that one over-the-counter (OTC) whale accumulated 60,333 ETH worth $238.7 million at an average cost of $4,230 per ETH over the past week. With ETH now trading below that level, the whale's unrealized losses have surpassed $16 million.
The OTC whale spread purchases across addresses linked to Coinbase hot wallets and trading firm Wintermute, including transactions like a 10,000 ETH transfer to Wintermute and deposits into Aave's Wrapped Token Gateway. This suggests confidence in long-term value but poor timing. Separately, another whale address (0xa523) had its leveraged bullish position of 9,152 ETH ($36.4 million) liquidated on Hyperliquid, resulting in total losses over $45 million.
Broader market context shows ETH volatility in September, with over $100 million in long positions liquidated amid cooling sentiment. The whales' activities highlight risks even for high-net-worth players, though their holding patterns may signal underlying faith in Ethereum's fundamentals.