ETH Hang in the Balance! Are Whales Sharpening Their Knives Against Retail Investors?
1. Early Market Spike Exposes Whale Tactics
ETH suddenly plummeted to $1824 at 3 AM, spiking downwards (original data of $1804 was incorrect), with $23 million liquidated within 15 minutes, then quickly rebounding to $1837, closing the daily candle with a long lower shadow doji. This textbook 'spike' technique is obviously a whale clearing high leverage positions, repeatedly testing the Bollinger band middle line of $1832 six times without breaking, with the upper and lower bands narrowing to a range of $1818-1846. The MACD is flat and clinging below the zero line, while the KDJ lines are dulling around 50 — the technical indicators have completely entered 'standby mode'.
2. News Hides Three Major Risks
Grayscale's application for an ETH futures ETF submitted at dawn clearly allocates staking rewards to investors, directly hitting the SEC's sensitive nerve regarding 'securities attributes'. The delay of Fidelity's ETH spot ETF approval to November was expected, but Vitalik suddenly announced a test next week for the staking unlock feature in Cancun upgrade, with on-chain data showing that 370,000 ETH have been unstaked and are ready to be sold. Most notably, the whale 0x8e2 deposited 120,000 ETH (worth $220 million) to Coinbase; this address saw a 19% drop in ETH after its last large transfer, which is alarming.
3. On-chain Data Leaks Key Player's Strategy
Lookonchain monitoring shows: the exchange's ETH reserves surged by 18% in three days, hitting a two-month high. However, a strange phenomenon appeared in the Deribit options market — the open interest of call options with a strike price of $2000 surged threefold, while protective sell orders worth $170 million piled up below $1900. This 'ceiling above and floor below' options structure, combined with the CME Ethereum futures premium rate dropping to -0.3%, clearly indicates to the market: institutions have buried short position landmines below $2000.
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