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 hoped Ethereum would rebound…
Yesterday (23rd) afternoon, while Bitcoin held above $66,000, Ether fell below $2,600. Both continued to decline from 11 p.m. last night until around 2:30 a.m. today. Bitcoin hit a low of $65,161, the lowest in 15 days, while Ether fell below the $2,500 mark again, 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. However, due to a steep drop of more than 6% yesterday, it still fell 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 has monitored that the whale James Fickel, who was long on the ETH/BTC trading pair, has surrendered again. At around 1:30 a.m. today, he sold a total of 2,000 ETH and exchanged them for 76 WBTC (about $5.06 million) to repay the Aave loan and reduce the risk of his lending position.
Yu Jin pointed out that James Fickel’s peak long position in the ETH/BTC was at the end of May, when he borrowed as much as 2,987 WBTC (worth about $204.7 million) on Aave and exchanged these WBTC for ETH at a rate of 0.054. However, as the ETH/BTC exchange rate continued to fall without rebounding, Fickel had to gradually reduce his holdings starting in August, redeem ETH in batches, and sell it 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 repaid and reduced 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
During the period of Ethereum’s relatively poor performance, according to Spot On Chain, the Ethereum Foundation sold another 100 ETH at around 10 p.m. last night, worth about $252,000. For 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.
