Major cryptocurrency holders, known as ‘whales,’ are shifting their trading strategies in response to Ethereum’s recent price surge to $3,890, according to BlockBeats On-chain Detection and HyperInsight analysis. These shifts in support and resistance levels have prompted several whales to close short positions across various cryptocurrencies. 💰
One whale with the address starting with 0x7a9 closed nearly $15 million worth of short positions in ASTER and Bitcoin (BTC), redirecting these funds to open a long position in ETH with a 20x leverage at an average price of $3,938. Their current nominal position value is now $12.12 million. Similarly, another whale using the address beginning with 0x19a closed a short Bitcoin (BTC) position, leading to a reduction of their nominal position value by approximately $10 million. This capital was then used to open a long position in ETH with a 6x leverage at an average price of $3,939, resulting in a current nominal position value of $9.09 million.
A third whale identified by the address starting with 0x960 closed short positions in Bitcoin (BTC) and HYPE, shedding approximately $2.6 million in nominal position value. This capital was then allocated to open a long position in ETH with a 15x leverage at an average price of $3,950, resulting in a current nominal position value of $9.07 million.
These strategic shifts illustrate the dynamic nature of cryptocurrency trading, particularly among larger-scale investors who respond to market fluctuations and adapt their positions accordingly.