Take the $2,430 worth of $ETH as a “giant whale” short signal, and I’ll place a sell order at 2,420 to observe: behind Abraxas’s short position, there are also 73,872 units of spot holdings hedging.
――― Direction: I won’t chase the move up; I’ll wait for support at 2,420. Only after it reclaims 2,485 will I confirm the continuation higher.
On-chain tracking at 01:06 UTC on August 24 shows that Abraxas holds an ETH short position of about $194 million on Hyperliquid, while over the past 4 days it withdrew about $173 million worth of ETH from Binance. The market is arguing that “big money is bearish,” but the notional sizes on both sides are close; it looks more like hedging or funding-rate arbitrage rather than a one-sided bet on a drop.
Price also hasn’t given a strong direction. In the 1-hour candle that has closed, ETH is at 2,430.64, up about 1.1% over 24 hours. RSI is 41.4; EMA7 is still slightly above EMA25, but the latest trading volume is only 0.67 times the 20-hour average volume. The structure leans bullish, but the confirmation is insufficient.
The reminder is already set at 2,420—no additional entries at the current price. Watch after the pullback holds. Only when the 1-hour candle closes above 2,485 will I trigger following. If it breaks below 2,340, I’ll cancel this thesis and exit with a stop. The whale’s hedging can’t decide the price.
#ETH #on-chain data
――― Direction: I won’t chase the move up; I’ll wait for support at 2,420. Only after it reclaims 2,485 will I confirm the continuation higher.
On-chain tracking at 01:06 UTC on August 24 shows that Abraxas holds an ETH short position of about $194 million on Hyperliquid, while over the past 4 days it withdrew about $173 million worth of ETH from Binance. The market is arguing that “big money is bearish,” but the notional sizes on both sides are close; it looks more like hedging or funding-rate arbitrage rather than a one-sided bet on a drop.
Price also hasn’t given a strong direction. In the 1-hour candle that has closed, ETH is at 2,430.64, up about 1.1% over 24 hours. RSI is 41.4; EMA7 is still slightly above EMA25, but the latest trading volume is only 0.67 times the 20-hour average volume. The structure leans bullish, but the confirmation is insufficient.
The reminder is already set at 2,420—no additional entries at the current price. Watch after the pullback holds. Only when the 1-hour candle closes above 2,485 will I trigger following. If it breaks below 2,340, I’ll cancel this thesis and exit with a stop. The whale’s hedging can’t decide the price.
#ETH #on-chain data
