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It's been a while since we've seen big moves from whales on the ETH/BTC trading pair.
Today, I just discovered a whale wallet (0x89B…A7358) added 1 million USDC margin to Hyperliquid four hours ago. The current position is: long 218 BTC (approximately $19.17 million) and short 5294.36 ETH (about $15.6 million). This move clearly indicates a bearish outlook on ETH relative to BTC.
Looking at the current data, the ETH/BTC exchange rate has dropped to 0.03358. Compared to the peak of 0.04328 during August's rally, it has retraced over 22%. This whale's timing for positioning is quite good, right in the window of this decline.