Whale Stop 20K ETH Shorts, Keep 30K ETH Short Position
One unnamed whale don trigger stop-loss come cut 20,000 ETH shorts, e reduce im position as Ethereum price dey rise. Dis move follow from swing weh dem get from $12.25M unrealized gain go put $840K loss.
Di whale bin hold 50,000 ETH shorts (about $170M), now e get 30,000 ETH shorts wey value reach $110M. Im average entry price na $3,634, im liquidation price na $3,701.
Dis big move dey show say people still get bearish mind but e still dey show volatility wahala for ETH traders. If dem force stop-loss on big shorts, e fit cause short-term price rally.
Traders suppose dey watch whale activity and dem changes for short position well well to sabi wetin fit happen for market.
Bearish
Di whale reduce im 20,000 ETH short after dem stop-loss, e mean say plenty loss cut pressure dey as Ethereum price dey bounce back. Even though e reduce am, di whale still get 30,000 ETH short, wey show say di bearish position still dey strong. Historically, big stop-loss liquidation for short position dey cause short rally but di big short dem still mean say e fit bring down pressure. Short-term, forced stop-loss fit cause wahala for price or small price increase but di market sentiment still bearish as big holders still hold big short exposure.