A whale lent out 152,000 ETH and continued to short ETH/BTC
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According to Lookonchain monitoring, a whale continues to increase its short position in the ETH/BTC trading pair. The whale has withdrawn 3,644 cbBTC (about $304 million) from Coinbase and deposited 3,034 cbBTC (about $253 million) into the Aave lending platform. Subsequently, the trader borrowed 79,638 ETH (worth about $152 million) from Aave. This transaction behavior indicates that the investor expects Bitcoin to outperform Ethereum, or Ethereum to underperform Bitcoin. By borrowing ETH and holding BTC, the investor can short the ETH/BTC trading pair without closing the BTC position.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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