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A whale initiated its third ETH/BTC exchange rate transaction this year, selling 4,695 ETH and acquiring 133.8 BTC.
According to BlockBeats, on July 5th, EmberCN monitoring showed that the ETH/BTC exchange rate has rebounded from a low of 0.0252 to 0.0285 in the past month. A whale who has already made a profit of 6389 ETH (approximately $11.34 million) this year through two ETH/BTC exchange rate transactions initiated its third ETH/BTC exchange rate transaction this year, selling 4695 ETH at a rate of 0.0285 and buying 133.8 BTC.
This whale is betting that the ETH/BTC exchange rate will weaken further, meaning ETH will either rise less or fall more than BTC. On-chain data shows that in its first two ETH/BTC swing trades this year, the whale sold ETH at high exchange rates and bought it back at low rates, accumulating a total of 6,389 ETH.
Specifically, in early January, 22,345 ETH were sold for 774 BTC, and then exchanged back for 24,564 ETH at the end of January, resulting in a profit of 2,219 ETH; in mid-April, 24,564 ETH were sold for 784.7 BTC, and then exchanged back for 28,734 ETH in early June, resulting in another profit of 4,170 ETH.
Disclaimer: The views above are the author's only and do not represent 711BTC. Nothing here constitutes investment advice.
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