ETHBTC ratio hits threeandahalfyear low as bullish whales cut losses selling off 5 million worth of Ethereum Ethereum Foundation continues to sell

CoinWorld reported:


The ETH/BTC ratio has fallen below 0.04, reaching 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 by selling 2,000 ETH to repay Aave loans.
The ETH/BTC ratio has once again fallen below 0.04, reaching a new low of 0.0375 since April 2021, disappointing investors who were hoping for a resurgence of Ethereum…
Yesterday (23rd) afternoon, while Bitcoin remained above $66,000, Ether fell below $2,600. Since then, both have been falling steadily, with Bitcoin hitting a low of $65,161 at around 2:30 am today, the lowest point in 15 days. Ether has once again fallen below the $2,500 mark, reaching a low of $2,466.25 at the same time.
Both have rebounded before the deadline, 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. Ether is now trading at $2,540.59, but due to a drop of more than 6% yesterday, it has still fallen 3.1% in the past 24 hours.


ETH/BTC ratio chart
Whale sells 2,000 ETH
At the same time, on-chain analyst Yu Jin discovered that whale James Fickel, who was long on the ETH/BTC trading pair, has given up again. At 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 pointed out that James Fickel’s peak long position in the ETH/BTC trading pair was at the end of May, when he borrowed as much as 2,987 WBTC on Aave (worth about $204.7 million) and exchanged them for ETH at a rate of 0.054. However, with the continuous decline in the ETH/BTC exchange rate and no rebound in sight, Fickel had to gradually reduce his holdings 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 and exchanged them for 1,766 WBTC (worth about $118.9 million) to repay and reduce his holdings. 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 underperformance of Ether, according to Spot On Chain, the Ethereum Foundation sold another 100 ETH last night at around 10 pm, worth about $252,000. Over the past two months, the Ethereum Foundation has been selling small batches almost every week.
Spot On Chain statistics show that the Ethereum Foundation has sold a total of 4,066 ETH for $11.22 million so far this year, 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.