Ethereum (ETH) Bullish Whales Coming Back With Enormous Longs


19 Nov 2023 10:37 AM

Ethereum whales setting up their longs ahead of new week...

  • ETH whales have been active in the market, with one whale selling 12,048 ETH worth $23.4 million to repay debt.
  • Whales have been using ETH as collateral on DeFi lending platforms to borrow stablecoins and purchase more ETH, indicating confidence in ETH's price appreciation potential.
  • Two new wallets withdrew 21,076 ETH valued at $41.23 million from Bitfinex, suggesting a trend of moving funds to cold storage for long-term holding.
  • A significant transaction involved a whale placing 7,324 ETH as collateral on Compound to borrow $9 million USDT, likely to purchase additional ETH and expand their position.
  • These strategic moves by ETH whales reflect a bullish outlook and long-term investment perspective, with investors accumulating more ETH.

The sentiment in the article is predominantly positive, highlighting the bullish sentiment and strategic moves by ETH whales.

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You May Ask

What have ETH whales been doing in the market?How are ETH whales using ETH as collateral on DeFi lending platforms?What does the withdrawal of a significant amount of ETH from Bitfinex suggest?How are ETH whales positioning themselves to benefit from price increases?

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