On-chain analysis service Lookonchain has disclosed that crypto investment fund FG Nexus has suffered losses exceeding $85 million from its Ethereum (ETH) reserve operations. By tracking the associated wallet addresses, the platform reconstructed the firm's entire trading cycle.
Data shows that between August and September 2025, FG Nexus aggressively accumulated ETH, purchasing a total of 50,770 coins at an average price of approximately $3,860, with a total outlay of around $196 million. Subsequently, starting in November 2025, the firm pivoted to selling, offloading 36,025 ETH in tranches and recovering roughly $83.92 million at an average sell price of just $2,330 per coin.
The stark difference between the average buy and sell prices translates into a realized net loss of more than $85 million on the closed positions. It is worth noting that on-chain records show the address still holds a portion of the remaining ETH, meaning total losses could shift with market movements, but the realized hit alone is already substantial.