Bitcoin whales strike, can Ethereum hold the line?

Whales have invested $190 million in BTC on Aave, borrowing ETH to short the ETH/BTC trading pair, which undoubtedly bets on Bitcoin strengthening relative to others. As market expectations for the Federal Reserve to delay interest rate cuts grow and BTC spot ETFs continue to attract capital, Bitcoin's safe-haven attributes may be more favored.

If the ETH ecosystem lacks a quick catalyst, such as the current slowdown in L2 growth and declining staking yields, the ETH/BTC ratio may continue to fall. However, this could also be a double-edged sword for whales: if large-scale shorts are targeted by the market, it could trigger a violent short squeeze.

In the short term, if ETH breaks key support, shorts may dominate, but if market sentiment improves and DeFi or L2 narratives return, a rebound for Ethereum is not impossible. The key lies in this whale game; whoever loses control first loses their chips. #白宫首届加密货币峰会