A large cryptocurrency trader, commonly referred to as a 'whale,' has executed a significant move in the ETH/BTC ratio market by swapping 13,708 ETH for 393.4 BTC approximately 30 minutes prior to the report. The transaction was carried out at an exchange rate of 0.02855, effectively shorting the ETH/BTC pair.
According to on-chain analyst Yu Jin, as reported by Odaily, the ETH/BTC exchange rate had recently rebounded from a low of 0.02524 to 0.02855. Yu noted that the whale is employing a coin-margined strategy—meaning that if the ETH/BTC ratio declines further, the trader could re-enter the market with a larger amount of ETH upon swapping back.
Over the past six months, this whale has strategically increased their Ethereum holdings by 6,475 ETH through a series of similar ratio-based trades, demonstrating a consistent and calculated approach to capitalizing on fluctuations between the two leading cryptocurrencies.