Scimitar Capital Co-founder: Two Major ETH Whales Have Closed Most of Their Leveraged Positions in the Past Week, Ethereum and the Crypto Market Have Bottomed Out, Vicious Cycle About to End

Odaily News Scimitar Capital co-founder zlex posted on the X platform, stating that over the past week, two ETH whales holding massive assets have closed most of their leveraged positions. This move caused ETH to drop over 20% and dragged BTC down to the support level of the previous cycle's all-time high. This decline began when the 200,000 ETH perpetual long position held by the "10·11 Insider Whale" Garrett was liquidated over the weekend, pushing the price close to the liquidation line of Trend Research's leveraged position on Aave. Currently, Trend Research has repaid hundreds of millions of dollars worth of positions, while Garrett has additionally sold approximately $300 million worth of ETH spot. Trend Research's liquidation price has now dropped to around $1,600, which is about 24% below the current price. Once Ethereum rebounds, this vicious cycle will end. The market should realize this soon, and strong technical support suggests now is the time for Ethereum, and indeed the entire cryptocurrency market, to bottom out. We are directly holding long positions in Ethereum.