ETHBTC ratio hits three and a half year low as bullish whales cut losses selling 5 million worth of Ethereum Foundation again

Coin World News Report:


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 position 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 recovery in Ethereum…
Yesterday afternoon (23rd), while Bitcoin held above $66,000, Ethereum fell below $2,600. Both assets continued to decline from 11 PM last night, with Bitcoin hitting a low of $65,161 around 2:30 AM today, the lowest in 15 days. Ethereum also fell below the $2,500 mark again, reaching a low of $2,466.25 at the same time.
Both assets have rebounded as of 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. Ethereum is now trading at $2,540.59, but due to a drop of over 6% yesterday, it is still down 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 whale James Fickel, who was bullish on the ETH/BTC trading pair, has surrendered again. Starting from around 1:30 AM today, he has 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 borrowing position.
Yu Jin pointed out that James Fickel’s peak position in the ETH/BTC long position 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 ratio continued to fall without rebounding, Fickel had to gradually reduce his position starting from August, redeeming ETH in batches and selling 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 has a long position of 1,221 WBTC (worth about $81.8 million) as a loan.


Ethereum Foundation sells another 100 ETH
Amidst the underperformance of Ethereum, according to Spot On Chain monitoring, 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.
According to Spot On Chain statistics, the Ethereum Foundation has sold 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.