Coin World Report:
The ETH/BTC ratio has fallen below 0.04, hitting a new low of 0.0375 since April 2021. At the same time, the Ethereum Foundation has once again sold 100 ETH, and whale James Fickel has significantly reduced his holdings, selling 2,000 ETH to repay Aave loans.
The ETH/BTC ratio has once again fallen below 0.04, reaching a low of 0.0375, setting a new low since April 2021, disappointing investors who were hoping for a recovery of Ethereum…
Yesterday (23rd) afternoon, while Bitcoin held above $66,000, Ethereum fell below $2,600. Since then, both have been falling steadily, with Bitcoin reaching a low of $65,161 around 2:30 AM today, the lowest in 15 days. Ethereum has once again fallen below the $2,500 mark, reaching a low of $2,466.25 at the same time.
At the time of writing, both have rebounded, with a rebound of up to 3.6% within 8 hours. Bitcoin is now trading at $67,135.62, a slight decrease of 0.3% in the past 24 hours. Ethereum is now trading at $2,540.59, but due to a sharp drop of over 6% yesterday, it is still down 3.1% in the past 24 hours.
Chart of ETH/BTC ratio
Whale sells 2,000 ETH
At the same time, on-chain analyst Yu Jin has detected that whale James Fickel, who was long on the ETH/BTC trading pair, has surrendered again. Around 1:30 AM today, he sold a total of 2,000 ETH and exchanged them for 76 WBTC (about $5.06 million) to repay Aave loans and reduce the risk of his lending position.
Yu Jin also pointed out that James Fickel’s peak long position in the ETH/BTC pair was at the end of May when he borrowed as much as 2,987 WBTC (worth about $204.7 million) on Aave and exchanged them for ETH at a rate of 0.054. However, with the continuous decline and no rebound in the ETH/BTC exchange rate, Fickel had to gradually reduce his position starting in August, redeeming ETH in batches and selling them for WBTC to repay the loan.
So far, James Fickel has sold 43,600 ETH, exchanged them for 1,766 WBTC (worth about $118.9 million), and used them to repay and reduce his position. Currently, he still has a long position of 1,221 WBTC (worth about $81.8 million) in loans.
Ethereum Foundation sells another 100 ETH
Amidst the poor performance of Ethereum, according to Spot On Chain monitoring, the Ethereum Foundation sold another 100 ETH around 10 PM last night, worth about $252,000. For the past two months, the Ethereum Foundation has been selling small amounts almost every week.
Spot On Chain statistics show that so far this year, the Ethereum Foundation has sold 4,066 ETH for $11.22 million, with an average price of $2,760. Among them, 1,250 ETH was sold in September, worth about $3.07 million, and 300 ETH was sold in October, worth about $759,000.
