Whale Takes $42.8M Bitcoin Short Amid Fading Momentum
A large cryptocurrency investor, known as 'whale', has opened a significant short position on Bitcoin. The whale address 0xedc…5d05a has taken a 4x short on 546.69 BTC, worth approximately $42.8 million at the current price of $78,561.3.
This move brings the total holdings of the whale to $92.33 million, with an existing long position in Ethereum (ETH) that carries $10.725 million in unrealized gains.
The ETH price is currently trading inside the Bollinger Bands on the 4-hour chart, with resistance at $2517.12 and support at $2451.59. The EMA50 at $2466.32 continues to act as immediate support above the EMA200 at $2270.32.
However, the MACD death cross at 4.37 signals fading momentum, despite a neutral RSI reading of 47.94. This could indicate that any test of upper-band resistance may trigger a quick pullback towards the 50-EMA before the next leg higher for Ethereum.