Bitcoin fell below 71,000, but a whale bought the dip in ETH with $47 million. What are on-chain funds thinking? 👇
1️⃣ Market: Binance spot $ETH is now around 2,000, down about 2.8% in 24 hours; $BTC is around 70,600, down about 4.3%, having already fallen below 71,000 this morning. ETH is clearly holding up better than Bitcoin this time.
2️⃣ Whale buying the dip: On-chain analyst Ember monitored three addresses linked to ShapeShift founder Erik Voorhees (who previously denied similar claims). Over the past day, they used about $47.36 million in stablecoins to buy 23,091 ETH at an average price of around 2,051. At current prices, they’re already sitting on an unrealized loss of roughly 2%.
3️⃣ Derivatives whales are bearish: Among the 100 largest accounts by open interest on decentralized derivatives platforms, net short positions are about $350 million in BTC and $120 million in ETH; net shorts in $ZEC are about $90 million. ZEC is down about 4.9% on Binance over 24 hours and is currently near 954.
4️⃣ Exchange flows: SigBTC data shows large transfers saw a net outflow of about $485 million from exchanges over the past 24 hours, including about $212 million in stablecoins withdrawn from a long-established exchange.
5️⃣ Macro pressure: U.S. CPI rose 0.4% month over month in October, above expectations of 0.3%. Markets are once again discussing a rate hike in December, weighing on risk assets broadly.
📌 My take: Spot whales are buying, while derivatives whales are short. In the short term, prices will most likely continue to swing back and forth. The key zone for ETH is 1,980 to 2,000. If it holds, ETH could rebound to the whales’ cost basis around 2,050, with 2,100 as the next level to watch; a break below 1,950 would raise the risk of a further leg down. 70,000 is Bitcoin’s lifeline; don’t chase longs until it gets back above 72,000. ZEC short positions are crowded, so a move back above 1,000 could trigger a short squeeze, but if it breaks below 920, the outlook remains weak.
Spot whales are buying the dip while derivatives whales are short. Which side are you on? Let’s discuss in the comments 👇
#以太坊 #巨鲸动向 #比特币 #币安广场
Personal opinion only; not investment advice
1️⃣ Market: Binance spot $ETH is now around 2,000, down about 2.8% in 24 hours; $BTC is around 70,600, down about 4.3%, having already fallen below 71,000 this morning. ETH is clearly holding up better than Bitcoin this time.
2️⃣ Whale buying the dip: On-chain analyst Ember monitored three addresses linked to ShapeShift founder Erik Voorhees (who previously denied similar claims). Over the past day, they used about $47.36 million in stablecoins to buy 23,091 ETH at an average price of around 2,051. At current prices, they’re already sitting on an unrealized loss of roughly 2%.
3️⃣ Derivatives whales are bearish: Among the 100 largest accounts by open interest on decentralized derivatives platforms, net short positions are about $350 million in BTC and $120 million in ETH; net shorts in $ZEC are about $90 million. ZEC is down about 4.9% on Binance over 24 hours and is currently near 954.
4️⃣ Exchange flows: SigBTC data shows large transfers saw a net outflow of about $485 million from exchanges over the past 24 hours, including about $212 million in stablecoins withdrawn from a long-established exchange.
5️⃣ Macro pressure: U.S. CPI rose 0.4% month over month in October, above expectations of 0.3%. Markets are once again discussing a rate hike in December, weighing on risk assets broadly.
📌 My take: Spot whales are buying, while derivatives whales are short. In the short term, prices will most likely continue to swing back and forth. The key zone for ETH is 1,980 to 2,000. If it holds, ETH could rebound to the whales’ cost basis around 2,050, with 2,100 as the next level to watch; a break below 1,950 would raise the risk of a further leg down. 70,000 is Bitcoin’s lifeline; don’t chase longs until it gets back above 72,000. ZEC short positions are crowded, so a move back above 1,000 could trigger a short squeeze, but if it breaks below 920, the outlook remains weak.
Spot whales are buying the dip while derivatives whales are short. Which side are you on? Let’s discuss in the comments 👇
#以太坊 #巨鲸动向 #比特币 #币安广场
Personal opinion only; not investment advice