The bankrupt exchange Mt Gox transferred 47,228 bitcoins from its cold wallet to a new wallet this morning, seemingly intensifying market panic. As a result, bitcoin continued to decline, and ether recently fell below the $3,000 mark. In such a market atmosphere, it appears that some whales have made impulsive trades influenced by emotions.
According to information shared by on-chain data analyst Yu Yan, some whales liquidated 26,600 ETH this morning in exchange for 82.52 million USDT to reduce their leverage position on the lending platform Aave. The short-term sell-off also caused the price of ETH to drop by approximately $100.
However, shortly after the sale, the whale transferred the remaining 33,765 ETH (worth over 100 million yuan) to a new address (starting with 0xa33), and once again deposited these ETH into Aave as collateral to borrow 80 million USDT. They then used the borrowed USDT to buy ETH again, effectively re-adding the leverage that was just cleared in the morning.
There have been many speculations within the community regarding the transaction behavior of this address. Most netizens believe that it may have been a panic sell-off, followed by quick regret and repurchase. Some jokingly suggest that it may be due to the feng shui of the wallet, prompting a change to a different wallet.
Although the probability of an ether ETF being approved this month is quite high, many people believe that even if it is approved, it may replicate the situation of large-scale outflows from GBTC in January, leading to a short-term decline in the price of the currency. However, some people have denied this viewpoint, as the negative premium rate of ETHE has been hovering between -2% and -1% for nearly a month, which should have already provided enough exit opportunities for arbitrageurs without waiting for the approval of an ETF.