In this bull market, Ethereum, the leading public blockchain, has not performed as the market expected. Besides lacking innovation in its ecosystem, its price has continued to decline amidst market FUD.
Additionally, against the backdrop of Bitcoin hitting its previous high, Ethereum's price has not kept pace with Bitcoin's gains, causing the ETH/BTC ratio to continue to decline, currently reported at 0.03613, down 1.12% in the last 24 hours.
Whales long on ETH/BTC have successively capitulated
In this context, on the morning of the 1st, as Ethereum fell below $2500, a whale long on the ETH/BTC exchange rate finally capitulated. Over the past 9 hours, he sold 3987 $WETH (approximately $10.05 million) at an average price of $2519 and exchanged it for $WBTC to repay his loan on AAVE.
According to a tweet, since 2024, this whale has accumulated losses of over $22.45 million due to going long on the ETH/BTC exchange rate.
Coincidentally, as previously reported, last week, the price of Ethereum sharply dropped below $2400, leading to a significant decline in the ETH/BTC ratio. Perhaps affected by the ongoing low exchange rate, whales long on ETH/BTC began to capitulate, selling off their ETH positions.
According to on-chain analyst Yu Jin, James Fickel, the largest ETH/BTC long position on-chain, sold ETH for three consecutive days (10/24~10/26), exchanging it for WBTC to reduce his borrowing position on Aave. Moreover, he redeemed 26,624 ETH (approximately $67.35 million) from Lido, transferring 20,000 ETH (approximately $50.63 million) to Coinbase, seemingly in preparation for a sale.
Believers are firmly bullish on Ethereum
Although the Ethereum ecosystem is sluggish, the price is weak, and the ETH/BTC ratio continues to decrease, many Ethereum enthusiasts still remain optimistic about Ethereum. The founder of Ethereum recently made a rare statement in support of ETH, and his response 'the ticker is ETH' garnered over 1.546 million views and 8,300 likes.
This response prompted many KOLs to comment with bullish phrases that incite FOMO, such as 'sendit' and 'LFG'.
Ethereum Core Developer Meeting Progress
On the other hand, the 145th Ethereum Developer Conference (ACDC) was also held yesterday (31st).
