As the overall market enters a phase of consolidation, on-chain traders face the difficult choice of 'increasing or reducing positions'.
On-chain whales increase their positions in Ethereum
According to information shared by the on-chain analysis account Ember, a whale that previously profited over 30 million USD in Ethereum spent 37.15 million USDC today, increasing their position by buying 15,000 ETH at a price of 2,477 USD, and deposited all these ETH into Lido staking. In the past week, this whale has spent about 223 million USDC and bought 85,465 ETH at a price of 2,617 USD, currently showing a floating loss of 9.4 million USD. Moreover, this whale still has 110 million USDC in liquid funds.
Meanwhile, another whale starting with wallet '0xf680' bought 3,000 ETH (worth 7.48 million USD) again from the exchange 9 hours ago. Over the past 4 days, this whale has accumulated a total of 11,500 ETH, valued at approximately 29 million USD.
Trader AguilaTrades cuts losses and reduces positions
However, not all traders believe that the current price level is a good buying point. On-chain data shows that the well-known trader AguilaTrades was once up 10 million USD when the Bitcoin price rose to a local high, but he did not close his position and instead chose to increase his long position, raising the total position to over 420 million USD. However, shortly after, BTC quickly retraced, turning the overall position from profit to loss, and due to risk management, he had to perform stop-loss operations to reduce his position. At the time of writing, the value of his Bitcoin long position has dropped to about 200 million USD, currently showing a floating loss of 2.16 million USD.
In fact, this is not the first time AguilaTrades has encountered consecutive retracements after heavily investing at high positions. According to Ember, in the previous market cycle, he had increased his Bitcoin long position to 434 million USD, and then the market experienced a significant retracement, ultimately forcing him to close his position to stop losses, with a single loss as high as 12.48 million USD.
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