A whale that had held long positions in Bitcoin and Ether for nearly four months has flipped bearish after the Binance hack incident, according to on-chain analyst EmberCN. The trader closed all long positions worth about $100 million, locking in roughly $17.78 million in profit. After exiting those trades, the whale opened a short position of 20,000 ETH at $2,228, giving the new position a notional value of about $44.6 million. EmberCN said the address had originally gone long 1,000 BTC in early July at $62,353 and 10,000 ETH at $1,762. The move marks a clear shift in positioning from a months-long bullish bet on both major crypto assets to a sizable ETH short.
According to ChainCatcher, on-chain analyst EmberCN said a whale that had been holding long positions in Bitcoin and Ether for nearly four months turned bearish after the Binance hack incident.
The whale closed all long positions worth about $100 million, securing roughly $17.78 million in profit. The trader then opened a short position of 20,000 ETH at $2,228, with a notional value of about $44.6 million.
EmberCN said the address had opened a long position of 1,000 BTC in early July at $62,353 and a long position of 10,000 ETH at $1,762.
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