$ETH Today this market looks quite interesting—two big whales directly went hard in opposite directions.
When the market dropped last night, 4 new addresses withdrew 31,979 ETH from Coinbase within 7 minutes, worth $85.68 million, with an average price of $2,679.
Clearly, someone was taking the dip while it was falling.
But the other side was even more ruthless.
0x8c58 sold 42,005 ETH today—roughly $112 million—and now only has 9,996 ETH left.
After looking at these two transactions, I’m actually leaning slightly bearish in the short term.
Not because “the $112 million sold is more than the $85 million bought”—those two addresses can’t be compared like that anyway.
What I care about is that dip-buying of over $85 million has already appeared, yet ETH hasn’t immediately absorbed this weakness and pulled the price back.
Someone bottom-fishing is one thing; whether the market accepts it is another.
For now, I won’t follow the whales to buy.
When the buy wall truly pushes the price back up, I’ll change my view.
For this move, I’m leaning bearish.
$ETH
When the market dropped last night, 4 new addresses withdrew 31,979 ETH from Coinbase within 7 minutes, worth $85.68 million, with an average price of $2,679.
Clearly, someone was taking the dip while it was falling.
But the other side was even more ruthless.
0x8c58 sold 42,005 ETH today—roughly $112 million—and now only has 9,996 ETH left.
After looking at these two transactions, I’m actually leaning slightly bearish in the short term.
Not because “the $112 million sold is more than the $85 million bought”—those two addresses can’t be compared like that anyway.
What I care about is that dip-buying of over $85 million has already appeared, yet ETH hasn’t immediately absorbed this weakness and pulled the price back.
Someone bottom-fishing is one thing; whether the market accepts it is another.
For now, I won’t follow the whales to buy.
When the buy wall truly pushes the price back up, I’ll change my view.
For this move, I’m leaning bearish.
$ETH
