Ethereum Whales Wipe Out Short Bets as Price Fails to Move

Ethereum whales made a significant move this week, erasing nearly all their short bets against ETH's price in just 11 hours. On Bitfinex, ETH short positions plummeted from around 101,000 to below 10,000, with the price barely moving and falling only about 1% during that time.

This suggests that these shorts were closed voluntarily rather than being liquidated due to a sudden price spike. One analyst points out that this is an important development for crypto adoption, DeFi liquidity, and CEX/DEX market dynamics.

Meanwhile, whale wallets continued to accumulate ETH, adding over 320,000 coins worth roughly $864 million in just one week. To sustain a higher rally, analysts say ETH must clear resistance between $2,722 and $2,822.