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Yesterday, as soon as the non-farm payroll data was released, ETH surged from over 1500 to 1700 in one go.
Then something happened on-chain.
A whale named sat0shi777 had an ETH short position worth $90 million, just $16 away from liquidation. $16 away—he was staring at the price in front of his screen, and I was staring at his position in front of mine.
Then the price crossed that line. Within half an hour, 31.6k ETH were forcibly liquidated, and $53.5 million went up in smoke. Over the past 100+ trades, with a 90% win rate and $6.75 million in profit, it all went to zero in one night. He didn't just lose money—he was burned as fuel by the market.
The most ironic part is that he also opened a $30 million long position on BTC to hedge. But the hedge size was only one-third of the short position. As a result, BTC went up, but ETH surged even more, so he got hit from both sides.
At the same time, BitMine chairman Tom Lee said that the ETH/BTC exchange rate has good reasons to strengthen in the second half of the year. A partner at Dragonfly also said they are firmly bullish on ETH and SOL.