Whales panic sell 3,296 ETH, losing millions in unrealized gains within an hour

【ChainWen】A piece of on-chain data from yesterday drew attention. A certain wallet address decided to cut losses during a market panic, selling off a total of 3,296 ETH within just 11 hours, which was equivalent to about $10.3 million at the market prices at the time.

What’s more heartbreaking is that this address was originally showing a good unrealized gain. Just two days ago, this position was still showing an unrealized profit of $1.266 million. But due to a sudden emotional fluctuation, it ended up making only $292,000 — essentially evaporating nearly $1 million in unrealized gains.

Such situations are especially common at market bottoms. Some large holders, after experiencing several rounds of corrections, lose their composure and prefer to cut losses early rather than hold on. But in hindsight, they just happened to sell at a stage low, a typical panic-driven escape.