AS "WAR ENDS" ETH Breaks Back Above $1,700... and This Whale Still Refuses to Give Up the Short 😳. You'd think a move like this would scare the bears away. Apparently not. As
$ETH pushed back above $1,700, the whale we've been tracking for days didn't close the trade, didn't reduce exposure, and definitely didn't panic.
Instead, he added more.
A few hours ago, the wallet withdrew $45.5 million USDT from Binance, deposited it into Aave, and used the extra collateral to borrow another 10,000 ETH , worth roughly $17.25 million ... to sell short. Yup... he's doubling down. At this point, the position has become massive. Current situation👇
: Stablecoins posted as collateral: $156M
: ETH borrowed and sold: 35,388.4 ETH
: Average Sell Price: $1,682.14
: Current Unrealized PnL: -$1.1M
: Liquidation Price: $3,453.36
Despite ETH reclaiming $1,700 and putting the trade in loss, the whale is still nowhere near being forced out. The liquidation level sits all the way up at $3,453, giving him an enormous buffer. That's probably why he's comfortable adding to the position while everyone else is celebrating the bounce. Whether this turns out to be a genius contrarian trade or a very expensive mistake is still up for debate.
WE THOUGHT: This whale isn't betting on a small pullback. He's betting that the market has it wrong. And with 35,000+
#ETH sold short, he's willing to put serious money behind that view.
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