Whale address 0x0911 is still adding to a paired trade that went long ETH and short BTC two days ago, according to TradingBeats, formerly Hyperinsight, in a market update published on Aug. 27.
The combined notional value of the two legs has increased from roughly $20 million at inception to about $29.38 million, marking a gain of around 46.9% in position size.
Position details at publication
As of publication, the wallet was holding a long position of 5,943.61 ETH valued at about $14.819 million. The average entry price was $2,486.64, with unrealized profit standing at roughly $39,000.
At the same time, the address was short 184.95 BTC valued at about $14.558 million. The average entry price on that leg was $79,804, with unrealized profit of about $201,000.
The two sides of the trade remained broadly balanced in size, and total unrealized profit across the position was about $241,000.
BTC/ETH ratio moved lower from entry
When the position was opened on Aug. 25, BTC had outperformed ETH by about 2.2 percentage points over the previous 24 hours. The average executed level of the two TWAP orders implied a BTC/ETH ratio of about 32.20.
The BTC/ETH ratio has since fallen to around 31.57, down about 2% from that level. Both the ETH long and the BTC short were in profit at the time of publication. If BTC/ETH continues to move lower, the trade would continue to benefit. If the ratio rises back toward about 32.20, the current gains would be at risk of being given back. TradingBeats said fees and funding rates were not included.
BlockBeats had previously reported that the BTC/ETH ratio had pulled back to 32.2, raising the question of how the whale’s $20 million position was expressing a view on the pair’s next move.