Source: Benson Sun@BensonTWN
Link: Twitter
ETHBTC has been falling for more than a month recently, and ETH holders must have a hard time recently. However, since the exchange rate fell below 0.054, the main Bitfinex ETH has been leveraging to long on ETHBTC. At the current rate of building positions, more than 10,000 ETH can be purchased in a day.
The financial strength of the main force of Bitfinex ETH is absolutely beyond your imagination. In July 2021, during the decline of ETH in the last bull market, this main force demonstrated amazing strength. There were tens of thousands of orders pending, and he would continue to make up for them after they were eaten up. He single-handedly resisted the panic selling pressure of the entire market. He is simply a god.
The blue line in Figure 1 is the ETHBTC whale indicator I made. As long as the blue line rises, it means that the main force is accumulating ETHBTC long orders (green arrow in the figure). The higher the slope, the faster the purchase. When it accumulates to a certain level, the exchange rate will bottom out. On the contrary, if it drops rapidly (red arrow in the figure), the exchange rate is often not far from reaching its peak.
From a long-term perspective, it can be said that the exchange rate of ETHBTC is firmly controlled by this main force. When he wants to buy, he will buy at the bottom, and when he wants to sell, he will sell at the top.
When I posted Figure 1, it was September last year. At that time, I was bearish on ETHBTC because the whale had no intention of defending the exchange rate. At that time, I suggested that everyone exchange ETH for BTC (see https://t.me/BensonTradingDesk/2649). 
It was not until 1/9 that I found that the whale were rapidly building positions at a nearly vertical slope (see Figure 2). It was just before the BTC ETF was passed, and they published an article bullish on ETHBTC (see https://t.me/BensonTradingDesk/2674). Soon the exchange rate soared by 20%.
And now the whale have made a move again, and have started to accelerate their positions since it fell below 0.05. The last time BTC saw positive news (BTC ETF passed), the exchange rate soared by 20%. Will it also soar after the halving this time?
If you are interested, you can take a look at the ETHBTC transaction records of Bitfinex, which are all market buy orders (Figure 3) 
This is why I think the altcoin market will become stronger after the halving. When the positive news for BTC in the first half of the year is fully realized (BTC ETF & halving), funds will not always focus on BTC. As the leader of the altcoin market, ETH will also lead a group of altcoins to rush forward.
In the last bull market, ETH also started to run an independent trend after the halving. The historical trajectory may not be exactly the same, but it will often rhyme.
