On-chain data shows that a certain whale holds a short position of 8000 ETH, and based on the current price, the floating loss has already exceeded $5.19 million. This news has excited the bulls.
This unfortunate whale has an opening price of $3547.73, and now ETH has risen above $4200, suffering quite a lot. To make matters worse, his liquidation price is at $4523.14, which has become a clear target for the bulls. The market is cruel; once it catches a whiff of blood, sharks will flock in. If the price continues to rise and approaches the liquidation line, the whale will either add margin or be forced to close the position, and either choice will push the price up, creating a positive feedback loop. This is the legendary short squeeze.
$BTC
