$ETH is hovering around the sensitive $3,000 area, down sharply from it September peak. Despite widespread sell off and liquidation pressure, the big guy are still betting big on recovery.
š¹ On chain Len data show that the famous whale MachiBigBrother has just opened a $14 million $ETH Long position.
This move comes right after this whale just lost $21.3 million in the market. This is a risky double down gamble but show high confidence in the upcoming rally.
šø The short term market is still very cruel to the Bull.
Liquidation In the past 24 hour, the Long side suffered a loss of 121.6 million USD, double that of the Short side 62.7 million USD.
Cash outflow Traditional investor also withdrew a net 112.7 million USD in the past 2 day.
š¹ Despite losses, new money is still pouring in.
Open Interest More than 2.3 billion USD of new capital has entered the derivative market.
A positive Funding Rate show that most of this new capital is leaning toward the Buy side Bullish, ready to absorb losse to wait for a reversal.
The market is in an extreme tug of war On one side is short term liquidation pressure, on the other side is fierce bottom fishing whale money.
In your opinion, is MachiBigBrother's $14 million bet a geniu move or deadly stubbornness?
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