As the ETH/BTC ratio continues to hit a three-and-a-half-year low, the bullish whale James Fickel has sold 2,000 ETH for three consecutive days and transferred over $50 million worth of ETH to Coinbase today, presumably preparing to sell. It is worth mentioning that Ethereum founder Vitalik Buterin rarely replied, “The ticker is ETH”, can this reverse the decline?
Background:
Urgent sale! Bitcoin drops to $65,600, Ethereum falls below $2,400, nearly 150,000 people liquidated over $400 million
The content of the article includes:
Bullish whale transfers over 50 million EUR worth of ETH to the exchange
Vitalik shouts: The ticker is ETH
ETH has only risen 8% since the beginning of the year
As of this morning, ETH once fell below $2,400, and the ETH/BTC ratio once again hit a three-and-a-half-year low, falling below 0.037, reaching a low of 0.03623. At the time of writing, it has slightly rebounded and is now at 0.03685.
The continuous creation of new lows in the ETH/BTC ratio seems to have made the largest ETH/BTC bullish whale, James Fickel, unable to hold on any longer, trying to escape at an accelerated pace.
According to on-chain analyst Yu Jin monitoring, James Fickel sold 2,000 ETH for three consecutive days, exchanged it for WBTC to reduce Aave’s borrowing position, and at around 1 am this morning, redeemed 26,624 ETH from Lido (worth about $67.35 million), and transferred 20,000 ETH (worth about $50.63 million) to Coinbase Prime, apparently preparing for the sale.
According to statistics from Yu Jin, the whale trading long on the ETH/BTC trading pair may have suffered losses of tens of millions of dollars.
Perhaps seeing that Ethereum has been in a recent slump, Ethereum co-founder Vitalik Buterin rarely spoke out in support of Ether. His response, “the ticker is ETH,” has received more than 676,000 views and 5,400 likes.
This response has sparked many KOLs to leave comments such as “send it” and “LFG,” inciting FOMO sentiment.
How weak has Ethereum been recently? CoinGeecko data shows that ETH is now at $2,463.13, a drop of 2.8% in the past 24 hours, and has only risen by about 8% since the beginning of the year, far below Bitcoin’s 58.7% increase.
Renowned DeFi analyst Ignas recently joked that holding Ether is considered “the most intense pain known to man,” equating it with kidney stones, childbirth, cluster headaches, and trigeminal neuralgia, to describe the psychological torment of holding Ether.