「Whale Watch」: Whale Doubles Down on Bearish Bet on BTC/ETH Exchange Rate, Increases Position by 50% to Nearly $30 Million

BlockBeats News, August 27th. According to TradingBeats (formerly Hyperinsight), the whale address 0x0911, which initiated a "buy ETH, sell BTC" combination position two days ago, is still continuing to accumulate. The notional value of the two legs has increased from the original $20 million to about $29.38 million, a growth of approximately 46.9%.

At the time of writing, the address holds 5943.61 ETH in a long position, valued at around $14.819 million, with an entry price of $2486.64 per ETH and a floating profit of approximately $39,000. At the same time, it is short 184.95 BTC, valued at around $14.558 million, with an entry price of $79,804 per BTC and a floating profit of approximately $201,000. The scale of both sides remains roughly equal, with a total floating profit of about $241,000.

When the positions were opened on August 25th, BTC had outperformed ETH by about 2.2 percentage points in the past 24 hours. The two TWAP actual transaction average prices corresponded to a BTC/ETH ratio of approximately 32.20. The current BTC/ETH ratio has fallen to around 31.57, a decrease of about 2% from that time.

Currently, both the ETH long position and BTC short position are showing floating profits. If the BTC/ETH ratio continues to decline, the combination will continue to benefit. If it rises back towards around 32.20, the existing profits will face a pullback, not including transaction fees and funding rates.

Previous News: BTC/ETH Exchange Rate Falls to 32.2, How Will the $20 Million Whale Expect the Ratio Change?