Longtime Ethereum Whale Sells Over $1.29 Million Worth of ETH, But Still Has Around $20 Million in Hogs
The sharp increase in shorts liquidated and the outflow of money from exchanges indicate a possible short squeeze and a potential ETH rally.
Ethereum Whale Reemerges, Shocking Actions in the Market
An Ethereum (ETH) whale – who has been inactive for the past two years – has just sold 501 ETH, worth an estimated $1.29 million, in just one hour.
Despite the recent sell-off, this wallet still holds a huge amount of ETH: 8,052 ETH, equivalent to $20.43 million, according to an update from a well-known analyst. This development is in line with the increasingly strong accumulation trend of whales.
ETH prices have been fluctuating within a narrow range for the past month, but the actions of large holders have sent signals of preparation for a new price explosion.
Source: CryptoQuant
Short Liquidation Wave Drives Whales to Stockpile
On-chain indicators show a surge in large buy orders over the past several days. The accumulation coincides with a steady stream of short contract liquidations in the derivatives market, suggesting that short sellers are being forced to close their positions.
On June 13, Ethereum saw the largest short liquidation of the month – a value of up to $1.7 billion. The short squeeze continued until June 16 with an additional $753.72 million in short positions being forced to close.
This event created a favorable environment for a short squeeze. As sell orders were liquidated, buying pressure increased rapidly, supporting ETH's price increase.
Source: CryptoQuant
Money flow withdraws from the exchange, selling pressure decreases
Another positive indicator is the sharp decline in ETH deposits on CEX exchanges, reflecting a clear weakening of selling sentiment. This move strengthens investor confidence and shows that whales are taking advantage of hoarding.
The decline in inflow volume weakens short-term selling pressure, making a breakout possible if the growing demand continues in the crypto market.
Source: CryptoQuant
Technical signals reinforce breakout expectations
A once-dormant whale has just realized profits, followed by increased whale activity and large-scale liquidations – clear indicators of an impending rally for Ethereum.
The combination of factors: strong short liquidation, deep drop in exchange inflow, and whale accumulation trend shows that Ethereum is preparing for a price breakout.
As ETH continues to accumulate, many experts are asking: Is this the calm before the storm – the beginning of a breakthrough growth trend for Ethereum?
Source: https://tintucbitcoin.com/ca-voi-rot-129-trieu-usd-ep-short-eth/
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