As the bitcoin and altcoin market tumbled in double-digits, a popular Twitter analyst has exposed whales’ millions of dollars’ worth of long transactions. cryptocoin.com We provide details as…
“Leading altcoin hits challenging point for rally”
According to a prominent crypto expert, Ethereum (ETH) is trading where the reward greatly outweighs the risk. The crypto analyst nicknamed Light reports that Ethereum, the largest smart contract platform, is gaining positive momentum after the ATH level dropped sharply from $4,800:
For a long time, the most convincing position for the ETH/USD pair since November’s high is here. There was a more than 40% drop to the low of $2,200. As a result, we are unable to catch the falling knife. The Bitfinex billionaire has requested additional support. When everyone is nearsighted in Ukraine, his unique strength arises.
When it comes to the effectiveness of Bitfinex whales, the analyst says that Ethereum investors with deep pockets have opened massive long positions on the crypto derivatives exchange:
Finex whales added 45,000 ETH in the previous two hours.
At the time of writing, 45,000 ETH is worth around $117.90 million.
An ETH whale market closes $2M long at its peak
In November of 2021, Light discovered that a large Ethereum (ETH) whale had closed its $2 billion ETH leveraged long position, culminating in the second-largest cryptocurrency by market capitalization. The analyst shares the following data on whale movements:
Ethereum transferred $90 million to Kraken to sell it, while the Bitfinex whale requested $2 billion in ETH leverage, most likely in an attempt to prudently leave the left scene.
The crypto strategist also monitors the behavior of Bitcoin (BTC) millionaires. According to Light, BTC whales are actively collecting the largest cryptocurrency:
The whale on Bitfinex increases its aggression:
- Speeding up the positioning process
- Added 700 BTC limit offers.
At the time of writing, Ethereum (ETH) is trading at $2,425.38, down 11.08% over the past 24 hours and down 18.97% from last week.
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