- An Aave investor saw some massive losses from the crypto market. Apparently, he purchased the crypto when the price was worth a total of $2 million.
- However, upon selling the crypto in 2023, it was worth a little over $600,000.
The crypto market is a survival of the fittest, as it can result in massive profits or losses. The same applies to this story of an Aave investor who invested in the token in 2020. But upon selling in 2023, there were massive losses. Continue reading as we tell this story.
Aave Investor Sells off Token At Losses
- The crypto market can be ruthless with what happens there. Since the peak years of 2020 and 2021, the market continues to go downhill with the price actions. Many tokens, including Bitcoin, suffered the worst price declines. From the more than $68,000 all-time high to less than $27k lows.
- However, Bitcoin isn’t the only cryptocurrency affected by the new market decline. Aave was one of the cryptocurrencies suffering from the effect of the market decline. Apparently, this extended to many traders, many suffering from losses that ran into millions of dollars. Lookonchain revealed this Aave investor acquired these tokens in the years 2020 and 2021, only to sell them at a point where they are currently undervalued.
- Furthermore, the current investments of the investors are currently at $697,000. But before the recorded loss, the investor’s wallet had much activity going on in 2020 and 2021. Within that period, a withdrawal was made for a total of 12,612 AAVE tokens from the cryptocurrency exchange Binance in the years 2020 and 2021.
- Apparently, the investor was doing this with the hope of hodling the tokens to make a profit. Note that when the investor made this withdrawal, the average withdrawal price for these transactions was approximately $159 per token. Furthermore, the total worth of tokens in the wallet was around $2 million. But now, it seems the Aave investor has a lot of losses on his hands.
Aave Investor Losses $1.3 Million
- According to data from Lookonchain shows that this Aave investor has a total of more than $1.3 million in losses. This is quite huge. But before selling the token, the investor returned the tokens to Binance. This was approximately 16 hours before he made the sale of the Aave tokens.
- Nevertheless, the action resulted in a loss of approximately $1.3 million. This recent loss in the market generates a lot of reactions in the market. Ultimately, this recent event highlights how brutal the crypto market can be. It provides more reasons why one has to be careful of the type of investments they make to avoid taking losses from the market.
Conclusion
The crypto market made a whale record losses again after he sold out on investments he made in 2020. Apparently, when this investor bought the token, it was worth around $2 million. But upon selling, it resulted in some massive losses. In fact, the loss was more than $1.3 million.
