According to the Ashen Monitor, the whale, which had been accumulating 30,654 ETH through a margin loan at an average price of $2,885 since December last year, has now largely finished its offloading process. The whale amassed ETH worth $88.43 million at an average cost of $2,885 from December until July this year. Starting from September 7th, as the market declined and signaling potentially unfavorable future conditions, the whale began selling part of its holdings. It sold 28,564 ETH at an average price of $2,272, incurring a loss of $17.51 million. As of now, the whale holds approximately 2,268 ETH, nearing a state of complete offloading. Compared to the $2,885 accumulation cost, the total loss from margin loaning to buy ETH is $17.51 million.