$ETH The rebound just started.
Then the whales started dumping.
They borrowed 19,000 ETH from Aave.
Worth 33.48 million USD.
This isn’t small sell pressure.
On-chain data shows that as the market rebounds, this whale has borrowed another 19,000 ETH from Aave today, valued at about 33.48 million USD, likely with the intent to keep selling.
What's more critical is this isn't the first time. So far, this whale has borrowed a total of 44,389 ETH from Aave, with a total value of around 80.56 million USD, used for selling strategies. In other words, while there is a rebound in ETH, there is still significant borrowing pressure from large sell orders looming above.
This behavior usually represents two possibilities: either the whale is hedging, or they are betting against ETH continuing its weakness. Regardless of which, it's not a good signal for short-term ETH, as the market has just rebounded, and someone is already bringing out tens of millions of dollars worth of assets to suppress it.
So right now, the biggest issue for ETH isn’t that there's a lack of bullish sentiment.
It’s that every time there’s a glimmer of improvement, large holders are borrowing to sell, making it easy for this ongoing sell pressure to discount the quality of the rebound. $BTC $SOL #BTC突破6.6万美元
Then the whales started dumping.
They borrowed 19,000 ETH from Aave.
Worth 33.48 million USD.
This isn’t small sell pressure.
On-chain data shows that as the market rebounds, this whale has borrowed another 19,000 ETH from Aave today, valued at about 33.48 million USD, likely with the intent to keep selling.
What's more critical is this isn't the first time. So far, this whale has borrowed a total of 44,389 ETH from Aave, with a total value of around 80.56 million USD, used for selling strategies. In other words, while there is a rebound in ETH, there is still significant borrowing pressure from large sell orders looming above.
This behavior usually represents two possibilities: either the whale is hedging, or they are betting against ETH continuing its weakness. Regardless of which, it's not a good signal for short-term ETH, as the market has just rebounded, and someone is already bringing out tens of millions of dollars worth of assets to suppress it.
So right now, the biggest issue for ETH isn’t that there's a lack of bullish sentiment.
It’s that every time there’s a glimmer of improvement, large holders are borrowing to sell, making it easy for this ongoing sell pressure to discount the quality of the rebound. $BTC $SOL #BTC突破6.6万美元