As the cryptocurrency market continues on its upward path, Bitcoin surpassed $50,000 last night. While this increase in BTC also stimulated altcoins, the largest altcoin Ethereum increased by 8% in the last 24 hours.
Whales continue to accumulate Ethereum as ETH approaches $2,700.
According to Lookonchain’s post, a whale bought ETH by borrowing money. The whale, which has been purchasing ETH from various exchanges since February, purchased 39.9 thousand Ethereum at an average price of $ 2,492.
“A whale is accumulating ETH! The whale takes a loan from Spark and opens a long position in ETH.
Since February 1, Whale has purchased 39.9 thousand ETH (worth $99.5 million) from the Binance, Bybit, OKEx and Bitfinex exchanges at an average price of $2,492.
He then borrowed 56.8 million DAI from Spark using these ETHs.”
The whale DAI, which expects a rise in Ethereum, takes a long position in ETH by borrowing money. At this point, the whale is betting that the ETH price will increase more than the loan interest rate it will pay on the DAIs it borrowed and that the collateral value will not fall below the liquidation threshold.
Ethereum continues to trade at $2,682 at the time of writing.
A whale is accumulating $ETH and going long $ETH by revolving loans on #Spark!
The whale has withdrawn 39.9K $ETH($99.5M) from #Binance, #Bybit, #OKEx and #Bitfinex since Feb 1 at an average price of $2,492, and borrowed 56.8M $DAI from #Spark.https://t.co/9EQSrwHnJD pic.twitter.com/6CydURt2pc
— Lookonchain (@lookonchain) February 13, 2024
*This is not investment advice.
