Ethereum's breakthrough failed》The giant whale sold 10,000 ETH to cut losses. What is his strategy?
Perhaps because he is optimistic that Ethereum futures ETF can push up the price of ETH, a giant whale who specializes in ETH breakthroughs recently bought 11,000 ETH at an average price of 1,680 USDT. However, as ETH began to fall, this giant whale Whale sold 10,000 ETH this morning to cut losses. (Preliminary summary: The listing of 9 Ethereum futures ETFs was deserted: the trading volume on the first day was less than 2 million US dollars) (Background supplement: Long and short double kills) Bitcoin surged and plummeted by 27,000, Ethereum hit 1630, and the entire network exploded warehouse USD 110 million)
After the U.S. Securities and Exchange Commission (SEC) approved the Ethereum futures ETF application submitted by Valkyrie at the end of last month, a total of 9 Ethereum-related futures ETFs were officially launched on Monday Eastern Time.
Originally perhaps motivated by this, Ethereum once reached $1,751 yesterday, but then quickly fell back. It is currently trading at $1,665, which has fallen below yesterday's starting point, with a drop of 4.05% in the past 24 hours.
Giant whale stops loss and leaves the market
According to on-chain analyst Ember’s monitoring, there was a whale who was mainly responsible for ETH’s market breakthrough. Between September 28 and October 2, he bought 11,000 ETH (approximately 1,848 USDT) at an average price of 1,680 USDT. million), with a maximum floating profit of US$770,000.
However, as ETH fell rapidly last night, the whale had sold 10,000 ETH (approximately $16.74 million) at an average price of 1,674 USDT early this morning. This investment ended with a loss of $70,000.
A giant whale failed to chase the rising ETH market.
And this is not the whale's latest loss. He also recently bought 10,000 ETH on August 29th, and then cut and sold 20,000 ETH on September 1st and September 10th, resulting in a loss of 3.22 million. USD.
At present, this address still holds more than 71 million US dollars in assets. Yu Jin pointed out that he has been observing this address for a long time and specializes in market breakthroughs. He has also had outstanding results before, but he also further stated that although this address has been losing money recently, , but his gameplay is not just about winning rate.
The dynamic zone speculates that the whale's strategy is to stop losses immediately if the breakthrough fails, hold it for a long time if it succeeds, and earn long-term profits.
Ethereum futures ETF trading volume sluggish
According to previous reports from Dongzhong, after the 9 Ethereum-related futures ETFs were officially launched on the 2nd, the first-day trading volume was less than US$2 million, which was the same as the BTC futures ETF (BITO) launched by ProShares in 2021 thirty minutes after the opening. Compared with the record of accumulated trading volume of more than 320 million U.S. dollars, and the first-day trading volume exceeding one billion U.S. dollars, it seems much deserted.
Bloomberg senior ETF analyst Eric Balchunas mentioned that multiple Ethereum-related futures ETFs were launched at the same time, but there was no obvious winner. The trading volume of all these ETFs was quite average, lower than his expectations, but these are all futures ETFs. ETF investors appear to prefer physical assets over derivatives.
