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Crypto 350

06/23 06:30

Ethereum whales bet on downside, but 73% traders a

#World Cup Predictions: 100,000 USDT Daily #TradFi Trading Strategies Sharing Challenge #HTX Creation Challenge — Post and Win 1,500U 💥 Ethereum whales bet on downside, but 73% traders are long – Who wins?Ethereum remained stuck within a narrow range around $1.7k. While the altcoin consolidated over the past four days, it continued trading within a broader descending channel. At press time, Ethereum [ETH] traded at $1,736 after a modest 0.08% daily gain. While the market stabilized near $1.7k, whales remained cautious and continued positioning for downside.Why are whales betting against Ethereum? As Ethereum’s structure remained weak, demand for short positions surged among large holders.According to Onchain Lens, the whale “pension-usdt.eth” increased its 3x leveraged ETH short position to 50,000 ETH, worth $85.28 million. Despite limited price movement, the position was already sitting on more than $1.43 million in unrealized profit. Another whale also opened a 23,000 ETH short position with 20x leverage, valued at $39.64 million. The trader later closed the position, locking in roughly $125,000 in profit.The growing demand for short positions suggested that whales continued to expect another leg lower
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