EmberCN said a whale focused on trading the ETH/BTC exchange rate sold 13,708 ETH about half an hour ago and rotated the position into 393.4 BTC, a transaction valued at roughly $25 million. The reported short rate was 0.02855. According to the monitoring account, the trader runs a coin-denominated strategy, meaning a lower ETH/BTC rate would allow the position to be converted back into a larger amount of ETH later. EmberCN also said that over the past six months, the whale increased holdings by 6,475 ETH on a coin basis through multiple exchange-rate trades, equal to about $11.78 million at the cited valuation. The update points to an active directional bet on the ETH/BTC pair rather than a simple spot sale.
Whale rotates ETH into BTC
According to EmberCN, a whale that focuses on trading the ETH/BTC exchange rate sold 13,708 ETH about half an hour ago and swapped the position into 393.4 BTC, worth about $25 million. The trade was described as a short at an exchange rate of 0.02855.
Position is structured on a coin basis
EmberCN said the whale is a coin-denominated trader, so a lower ETH/BTC rate would allow the position to be converted back into more ETH. Over the past six months, the whale has increased holdings by 6,475 ETH on a coin basis through multiple exchange-rate trades, equal to about $11.78 million.
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