šØ Somethingās off.
A whale would rather take a loss of about $13 million than hold on to #BTC , swapping it for #ETH .
Over 3 days, they sold 1,074.3 $BTC and got back 35,346 $ETH .
When these BTC were withdrawn from an exchange back then, their average price was $95,434. This time, they sold at around $83,200.
Thatās $12,000 less per coin, and theyāre selling anyway.
Even more striking: on the same day, another OTC whale sold their last 9,996 ETH at an average price of $2,632, walking away with $24.48 million in profit.
One is getting out, the other is buying in.
ETH is now at $2,509, already below their average purchase price of $2,529.
My take: this isnāt buying the dipāitās a bet that the ETH/BTC exchange rate has bottomed.
Get it right, and itās textbook. Get it wrong, and they lose on both sides.
Save this post.
A whale would rather take a loss of about $13 million than hold on to #BTC , swapping it for #ETH .
Over 3 days, they sold 1,074.3 $BTC and got back 35,346 $ETH .
When these BTC were withdrawn from an exchange back then, their average price was $95,434. This time, they sold at around $83,200.
Thatās $12,000 less per coin, and theyāre selling anyway.
Even more striking: on the same day, another OTC whale sold their last 9,996 ETH at an average price of $2,632, walking away with $24.48 million in profit.
One is getting out, the other is buying in.
ETH is now at $2,509, already below their average purchase price of $2,529.
My take: this isnāt buying the dipāitās a bet that the ETH/BTC exchange rate has bottomed.
Get it right, and itās textbook. Get it wrong, and they lose on both sides.
Save this post.