ETH/BTC ratio rebounds to 0.02855 as whale places $54 million short
A large holder has now sold about 30,139 ETH for 859 BTC at an average exchange rate of 0.0285, expanding a relative-value bet that Ethereum will underperform Bitcoin.
A cryptocurrency whale has expanded a short-style position on the ETH/BTC pair, cumulatively swapping 30,139 ETH for 859 BTC in transactions worth about $54.09 million at an average exchange rate of 0.0285. The move builds on an earlier 13,708 ETH-for-393.4 BTC trade and points to a strategy that expects Ethereum to weaken relative to Bitcoin rather than expressing a simple directional view on the broader crypto market. The apparent plan is to buy back ETH if the ETH/BTC ratio falls, allowing the trader to increase Ethereum holdings through relative-value trading between the two largest cryptocurrencies.
- ETH/BTC ratio: Ethereum priced in Bitcoin terms.
- whale: A holder with very large positions.
- short: A bet that an asset or trading pair will decline.