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Ethereum Whale Withdraws Over $70 Million in ETH, Incurs Losses
Key Takeaways
- An Ethereum whale has withdrawn 21,850.15 ETH, valued at approximately $70 million, over a ten-day period.
- The average withdrawal price was $3,231, resulting in a current unrealized loss of about $6.24 million.
- The most recent transaction, involving 2,000 ETH, is valued at $584,000.
- The whale used five wallets, with one holding 18,706.9 ETH to secure a $31.34 million USDT loan.
WEEX Crypto News, 16 December 2025
Ethereum Whale’s Trading Activity Sparks Losses
In the latest developments within the Ethereum market, a major whale has been rigorously active, withdrawing significant quantities of Ether from exchanges. Totaling 21,850.15 ETH, these withdrawals occurred between 5 and 15 December, highlighting a strategic financial maneuver that has currently resulted in considerable unrealized losses for the investor.
Strategy and Financial Implications
This investor’s decision to withdraw such an extensive amount, roughly valued at $70 million, was executed at an average price of $3,231 per ETH. However, as the market fluctuates, these withdrawals have translated into a substantial unrealized deficit of approximately $6.24 million. The immediate financial strategy is indicative of either an anticipation of market dynamics or an urgent need for liquidity that requires careful examination.
The whale’s most recent transaction happened a mere six hours ago, involving the extraction of 2,000 ETH, further valued at about $584,000. This active withdrawal marks a critical point in the whale’s trading sequence and suggests ongoing strategic adjustments based on current market performance.
Distribution and Leverage
As part of their financial orchestration, the Ethereum whale has diversified the distribution of ETH across five distinct wallets. Of notable interest, one wallet is actively engaged in a recurring long strategy. It has pledged 18,706.9 ETH as collateral to secure a substantial loan of 31.34 million USDT, a maneuver that showcases sophisticated leveraging techniques and high financial confidence. This wallet effectively functions on a health ratio of 1.41, underscoring the calculated risk involved in borrowing such significant amounts against stablecoins.
This method of leveraging ETH to secure stablecoins speaks to the broader trend of using collateralized assets to navigate both spot and derivative markets, reflecting a strategic stance that might predict market movements or pressure points.
Market Context and Speculation
The whale’s activities are unfolding within a volatile market landscape. The broader cryptocurrency sector continues to experience significant fluctuations, driven by changing investor sentiments, regulatory developments, and macroeconomic variables. The size of this whale’s transactions and resulting paper losses can act as a bellwether, potentially influencing other investors’ behavior in the market.
Given the timing and scale of these activities, speculation abounds regarding the whale’s insights or anticipated market shifts. While some observers may interpret this as a bullish signal that prices might stabilize or rise, others could perceive it as a bearish indication, pointing to the whale’s urgency in securing liquidity amidst possible price declines.
Looking Forward
The ongoing actions of this Ethereum whale might reverberate through the market, hinting at underlying forces in play. As such, other large-scale investors and market participants could find themselves reassessing their strategies in light of these recent events.
The magnitude of the ETH withdrawals reflects a broader narrative in crypto markets: the continuous balancing act between risk and reward, and the dynamism inherent in leveraging blockchain assets for financial gain.
In aligning with the innovative spirit of digital asset trading platforms, WEEX provides an avenue for seasoned investors to explore similar strategic positions. By facilitating a user-friendly interface and a breadth of trading options, WEEX stands as a robust choice for traders looking to deepen their participation in the crypto markets. Consider registering at WEEX to engage in a platform that supports large and small-scale market strategies alike: [Register at WEEX](https://www.weex.com/register?vipCode=vrmi).
Frequently Asked Questions
What prompted the Ethereum whale’s series of withdrawals?
The Ethereum whale’s strategy could be driven by several factors, including market speculation, liquidity needs, or strategic asset reallocation. Without direct communication from the whale, the precise motive remains speculative.
How did the whale face such substantial losses?
The whale’s losses are currently unrealized and stem from the discrepancy between the withdrawal price and the current market value of Ethereum. Should market conditions improve, these losses might be mitigated.
What does a health ratio of 1.41 indicate?
A health ratio of 1.41 reflects a relatively secure position in the context of collateralized borrowing, where the value of assets pledged is well above the borrowed amount, allowing some buffer against market price volatility.
Are such whale activities common in the crypto market?
Yes, whale activities that involve large withdrawals or deposits can significantly impact market dynamics. They are part of broader strategic recalibrations often observed among high-net-worth individuals and institutional investors.
How might this affect smaller investors?
For smaller investors, whale activities can influence market volatility and price trends, serving as potential signals for strategic planning in their portfolios, though each investor should consider their risk tolerance and market analysis.
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• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
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A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
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The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
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"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
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· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
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· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
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· Revenue Cost (excluding depreciation): $543.3 million
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· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
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The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
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• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
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The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
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CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
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The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
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· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
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The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
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As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
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· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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