It's broken, the brother is in trouble now.
Previously, a giant whale shorted 20,000 ETH at 3400, and then increased the short position at 3600. The health of the position has dropped sharply from 1.25 to 1.14, and liquidation will occur when it reaches 1.
I calculated that when ETH reaches 4200, the whale's position will be liquidated, and it will be forced to buy back this 100 million ETH position to cover the short.
Some people asked, is 100 million a lot? Binance's total ETH spot trading volume is currently 600 million, most of which is offset by buying and selling, so the actual inflow of funds may only be 50 million, which is comparable to an ETF. So, this 100 million liquidation turning into buying pressure, isn't ETH going to rocket?
This brother didn’t reduce his position when it was risky, but instead increased his short position. The liquidation line is precarious, truly the last gasp of a strong force.
Now the main force should step up and directly squeeze him out. I believe that before it even reaches 4200, the whale will back down, after all, he doesn't want to be liquidated.
I estimate that if ETH rises a bit more, he will have to stop loss and cover the short, buying back around 24,000 ETH. Now, in this final moment, everyone cannot back down. The whale hunting plan has just begun!
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