$ETH
Retail traders just got liquidated, and whales immediately borrowed money to buy the dip
$449 million worth of ETH was liquidated in the past 24 hours, 91.8% of it from long positions
One whale had it even worse: a 56,667 ETH long position was wiped out completely, for a total loss of $44.78 million
ETF outflows haven’t stopped either: $365 million flowed out last week, marking the sixth consecutive week of outflows
At the same time, someone on-chain was buying
Wallet 0xFD10 borrowed 22 million USDT from Aave and scooped up 10,000 ETH at $2,155
This person isn’t a rookie: they sold 13,202 ETH at $2,357 on August 21, making $1.41 million on that trade
A seasoned swing trader, back in the market after the dip
Another wallet, 0x4AB7, withdrew 16,577 ETH from Binance over the past week
Institutions and retail traders are both taking a beating, while whales borrow to buy the dip. I’ve seen this play out a few times
But whales buying the dip doesn’t mean we’ve hit the bottom. Their $2,155 entry is right above me
ETH is currently at $2,115, still below their cost basis
Let’s talk about a recovery once it gets back above $2,200. If it drops below $2,060, we’ll have to look toward $2,000
I’ve already taken the loss on my $2,180 trade. This time, I’m just watching from the sidelines
October CPI is due Tuesday at 21:30. Avoid taking large positions before the data comes out
Personal analysis, not investment advice
#Ethereum
Retail traders just got liquidated, and whales immediately borrowed money to buy the dip
$449 million worth of ETH was liquidated in the past 24 hours, 91.8% of it from long positions
One whale had it even worse: a 56,667 ETH long position was wiped out completely, for a total loss of $44.78 million
ETF outflows haven’t stopped either: $365 million flowed out last week, marking the sixth consecutive week of outflows
At the same time, someone on-chain was buying
Wallet 0xFD10 borrowed 22 million USDT from Aave and scooped up 10,000 ETH at $2,155
This person isn’t a rookie: they sold 13,202 ETH at $2,357 on August 21, making $1.41 million on that trade
A seasoned swing trader, back in the market after the dip
Another wallet, 0x4AB7, withdrew 16,577 ETH from Binance over the past week
Institutions and retail traders are both taking a beating, while whales borrow to buy the dip. I’ve seen this play out a few times
But whales buying the dip doesn’t mean we’ve hit the bottom. Their $2,155 entry is right above me
ETH is currently at $2,115, still below their cost basis
Let’s talk about a recovery once it gets back above $2,200. If it drops below $2,060, we’ll have to look toward $2,000
I’ve already taken the loss on my $2,180 trade. This time, I’m just watching from the sidelines
October CPI is due Tuesday at 21:30. Avoid taking large positions before the data comes out
Personal analysis, not investment advice
#Ethereum
