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bit999

06/13 18:40

Eyes on the dip: Will smart money anchor the floor

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Typically, when the market panics after a leverage unwind, whales start buying the dip. It’s the classic “buy the fear” setup. And that’s exactly what appears to be happening now.

According to Lookonchain, while retail dumps ETH in fear, one whale is doubling down aggressively. The address has scooped up 48,825 ETH, worth $127 million, at an average price of $2,605.

Yet the pressure hasn’t let up. With ETH dropping 4.77% intraday, price not only lost the $2.6k support, it wicked as low as $2,440, highlighting just how aggressively liquidity is being drained from the derivatives market

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