A whale that profited 6,389 ETH from two ETH/BTC rate trades is betting on the ETH/BTC rate to fall again.

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ME News, July 5 (UTC+8), according to on-chain analyst Yujin's monitoring, the ETH/BTC exchange rate has strengthened over the past month, rebounding from a low of 0.0252 to the current 0.0285. A whale who gained 6,389 ETH ($11.34 million) in coin-based profits from two ETH/BTC exchange rate trades this year has started a third ETH/BTC exchange rate trade: selling 4,695 ETH to buy 133.8 BTC at an exchange rate of 0.0285. The whale is betting that the ETH/BTC exchange rate will continue to decline, meaning ETH will rise slower or fall more than BTC. In the whale's two previous ETH/BTC exchange rate trades this year, they sold ETH at high exchange rates and bought back after the exchange rate crashed. The two trades increased the coin-based holdings by 6,389 ETH ($11.34 million): In early January, they sold 22,345 ETH for 774 BTC, and at the end of January, they bought back 24,564 ETH, gaining 2,219 ETH in coin-based terms. In mid-April, they sold 24,564 ETH for 784.7 BTC, and in early June, they bought back 28,734 ETH, gaining 4,170 ETH in coin-based terms. (Source: ChainCatcher)
ETH-1.22%
BTC-0.41%
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