As the ETH/BTC ratio continues to hit a three-and-a-half-year low, bullish whale James Fickel has sold 2,000 ETH for three consecutive days and transferred over $50 million worth of ETH to Coinbase today, potentially preparing for a sell-off. It is worth mentioning that Ethereum founder Vitalik Buterin rarely responded, saying “The ticker is ETH,” can this reverse the decline?
Table of Contents:
Bullish whale transfers over $50 million worth of ETH to exchange
Vitalik says: The ticker is ETH
ETH has only risen 8% since the beginning of the year
Background:
Bitcoin sinks to $65,600, Ethereum falls below $2,400, nearly 150,000 people liquidated over $400 million
Bullish whale transfers over $50 million worth of ETH to exchange
As Ethereum briefly dipped below $2,400 early this morning, the ETH/BTC ratio hit a three-and-a-half-year low, falling below 0.037 and reaching a low of 0.03623. At the time of writing, it has slightly rebounded and is currently at 0.03685.
The continuous decline of the ETH/BTC ratio seems to have made James Fickel, the largest ETH/BTC bullish whale on the chain, unable to hold on any longer and is attempting to accelerate his exit.
According to on-chain analyst Yu Yan’s monitoring, James Fickel has sold 2,000 ETH for three consecutive days and converted them into WBTC to reduce his Aave lending position. In the early morning at around 1 a.m. today, he redeemed 26,624 ETH (worth about $67.35 million) from Lido and transferred 20,000 ETH (worth about $50.63 million) to Coinbase Prime, seemingly preparing for a sell-off. According to Yu Yan’s statistics, this whale trading the ETH/BTC pair could potentially incur losses of millions of dollars.
Perhaps seeing Ethereum’s recent slump, Ethereum co-founder Vitalik Buterin rarely spoke out to support Ethereum, responding with the phrase “the ticker is ETH.” This response received over 670,000 views and 5,400 likes.
This response has sparked many KOLs to leave comments such as “send it” and “LFG,” using bullish language to incite FOMO sentiment.
How weak is Ethereum recently? CoinGecko data shows that ETH is currently trading at $2,463.13, down 2.8% in the past 24 hours, with only an 8% increase since the beginning of the year, far below Bitcoin’s 58.7% increase.
Well-known DeFi analyst Ignas recently jokingly referred to holding ETH as “the most intense pain known to mankind,” equating it with kidney stones, childbirth, cluster headaches, and trigeminal neuralgia, describing the psychological torment of holding ETH.
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