On chain data just recorded strong profittaking moves from two major whale wallets transferring a total of 7,000 $ETH to exchanges to realize profit\
๐น Specifically a veteran whale accumulating since June transferred 5,000 ETH to Binance netting a massive profit of nearly $27.000.000 while another wallet quickly took over half 500.000 usd profit after the recent rally
๐ธ This action coincides with the Funding Rate on derivatives exchanges turning negative indicating short sellers are increasing pressure and expecting a price correction in the short term
๐น However the options market sends positive signals as demand for long term hedging rises proving many investors still believe in ETH long term bullish prospect
๐ธ Additionally Vitalik Buterin's latest proposal on building a gas futures market promises to bring more effective cost management solutions for users in the future
Will you choose to take profit with the whales or continue holding for a new peak?
This article is for reference only, this is not investment advice. Please read and consider carefully before making a decision.