ETH has been very strong recently. The ETH/BTC exchange rate has rebounded from 0.02524 up to 0.02855. However, just half an hour ago, a massive whale that specializes in FX trading took action: he sold 13,708 ETH (worth $25 million) and swapped it for 393.4 BTC, opening a short on the exchange rate. The execution price was exactly 0.02855.
This guy is a coin-amount player—meaning he bets the exchange rate will fall. Then, when it drops, he will convert the BTC back into ETH, increasing the amount of ETH he holds. Over the past six months, he has been using this tactic back and forth, already netting an extra 6,475 ETH, worth nearly $11.78 million. $ETH
This guy is a coin-amount player—meaning he bets the exchange rate will fall. Then, when it drops, he will convert the BTC back into ETH, increasing the amount of ETH he holds. Over the past six months, he has been using this tactic back and forth, already netting an extra 6,475 ETH, worth nearly $11.78 million. $ETH