An ETH/BTC-focused whale has opened another directional trade after the pair rebounded, according to on-chain analyst Ember. The analyst said ETH/BTC recently rose from 0.02524 to 0.02855. About half an hour before the update, the whale swapped 13,708 ETH for 393.4 BTC at an exchange rate of 0.02855, a transaction valued at roughly $25 million, effectively shorting the ETH/BTC ratio.
Ember described the wallet as a coin-denominated trader. In that setup, a lower ETH/BTC ratio would allow the trader to buy back more ETH with the BTC received from the swap. Over the past six months, the whale has increased coin-denominated holdings by 6,475 ETH through multiple ratio trades, with that amount valued at $11.78 million in the update. The trade stands out because it comes after a rebound in the ETH/BTC pair and reflects a continued focus on relative-value positioning between the two largest crypto assets rather than a simple outright bet on U.S. dollar prices.
Whale swaps 13,708 ETH for 393.4 BTC
According to Odaily, citing on-chain analyst Ember, the ETH/BTC ratio recently rebounded from 0.02524 to 0.02855. A whale known for trading the ETH/BTC pair swapped 13,708 ETH for 393.4 BTC about half an hour before the update, a transaction worth $25 million. The trade was executed at 0.02855 and amounted to a short position on the ETH/BTC ratio.
Holdings rose by 6,475 ETH over six months
Ember said the whale is a coin-denominated trader. If the ratio falls, the trader would be able to swap back into more ETH. Over the past six months, the whale increased coin-denominated holdings by 6,475 ETH through multiple ratio trades, an amount valued at $11.78 million.
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