ChainCatcher reported, citing on-chain analyst Ember, that the ETH/BTC exchange rate has recently rebounded from 0.02524 to 0.02855. Against that backdrop, a whale focused on trading the ETH/BTC pair swapped 13,708 ETH for 393.4 BTC about half an hour before the report, in a transaction valued at $25 million. The trade was executed at an exchange rate of 0.02855 and was described as a short position on the ETH/BTC ratio. Ember said the whale is a coin-margined trader, meaning a decline in the exchange rate would allow the address to buy back more ETH later. Over the past six months, the same whale has increased its coin-denominated ETH holdings by 6,475 ETH through multiple exchange-rate trades, with that amount valued at $11.78 million. The report focuses on the whale’s positioning in the ETH/BTC ratio rather than spot market direction alone.
Whale enters another ETH/BTC ratio trade
According to ChainCatcher, citing on-chain analyst Ember, the ETH/BTC exchange rate has recently recovered from 0.02524 to 0.02855.
A whale that specializes in trading the ETH/BTC ratio swapped 13,708 ETH for 393.4 BTC about half an hour before the report. The transaction was valued at $25 million and executed at 0.02855, marking a short trade on the ETH/BTC ratio.
Positioning for a lower ratio
Ember said the whale is a coin-margined trader. If the ETH/BTC rate falls, the trader would be able to exchange back into more ETH. Over the past six months, the whale has increased coin-denominated holdings by 6,475 ETH through multiple ratio trades, worth $11.78 million.
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