PANews reported on May 22 that, according to on-chain analyst Yu Jin, whale nemorino.eth sold off 8,424 ETH (worth $17.9 million) at a loss one hour ago, incurring a loss of $2.25 million. Earlier this month, when ETH rebounded, nemorino.eth borrowed stablecoins from Spark and leveraged them to buy ETH at a higher price, averaging $2,391 per ETH. Subsequently, ETH failed to continue its rebound and fell back. Today, nemorino.eth withdrew 8,424 ETH from Spark and sold them off at $2,124 per ETH. After repaying the loan, nemorino.eth deposited the remaining 11.71 million USDC back into Spark to earn interest.