On-chain analyst Ember tweeted that two hours ago, a whale or institution transferred the last batch of ETH ecological tokens (LDO and AAVE) worth $8.94 million to Binance, which means that its bet on the favorable market of Ethereum ETF ended with a loss of $5 million.
After the 19-4 document of ETH spot ETF was approved at the end of May, the whale or institution purchased about $52.6 million of ETH ecological related tokens (including LDO, UNI, AAVE, ENS, LINK, FXS, etc.), expecting that ETH ecological tokens would rise due to the favorable stimulus of Ethereum ETF. However, as the market did not rise as expected, the whale or institution sold these ETH ecological tokens one after another recently and transferred them all to Binance today. Overall, the bet caused it to lose about $5 million (about 10%).