The ETH/BTC ratio hits a three-and-a-half-year low! Many whale claimed losses and sold US$5 million, and the Ethereum Foundation sold off again

The ETH/BTC ratio has once again fallen below 0.04, reaching a low of 0.0375, a new low since April 2021, disappointing investors who had hoped for Ethereum to regain its momentum... Yesterday (23rd) afternoon, while Bitcoin held above $66,000, Ethereum had already fallen below $2,600. Later that night around 11 PM, both began a downward slide, and by around 2:30 AM this morning, Bitcoin had dropped to a 15-day low of $65,161, while Ethereum fell back below $2,500, reaching a low of $2,466.25. As of the time of writing, both have rebounded somewhat, with gains of over 3.6% in the past 8 hours. Bitcoin is currently at $67,135.62, down only 0.3% in the past 24 hours; Ethereum is at $2,540.59, but after a steep over 6% drop yesterday, it is still down 3.1% in the past 24 hours.

Long Whale Sells 2000 ETH

Meanwhile, on-chain analyst Ember has observed that the whale James Fickel, who had a large long position in the ETH/BTC trading pair, has capitulated again, selling 2,000 ETH for 76 WBTC (around $5.06 million) in the early hours of this morning to repay his Aave borrowings and reduce his leveraged position. Ember notes that Fickel's peak ETH/BTC long position was in late May, when he had borrowed up to 2,987 WBTC (worth around $204.7 million) on Aave and converted them to ETH at a rate of 0.054. However, as the ETH/BTC rate continued to decline without recovery, Fickel has been gradually unwinding his position since August, redeeming ETH and selling them for WBTC to repay his loans. So far, James Fickel has sold 43,600 ETH, converting them to 1,766 WBTC (worth around $118.9 million) to pay down his borrowings. He currently still has 1,221 WBTC (worth around $81.8 million) in outstanding loans.

Ethereum Foundation Sells Another 100 ETH

Meanwhile, as Ethereum has been underperforming, Spot On Chain has monitored that the Ethereum Foundation sold another 100 ETH, worth around $252,491, last night around 10 PM. The Ethereum Foundation has been conducting small-scale sales of ETH almost weekly over the past two months. Spot On Chain's data shows that so far in 2024, the Ethereum Foundation has sold a total of 4,066 ETH, generating $11.22 million at an average price of $2,760. This includes 1,250 ETH ($3.07 million) sold in September and 300 ETH ($759,000) sold in October.