2025-12-25 03:24:10

A certain big investor's recent moves are quite interesting — they poured 1 million USDC into Hyperliquid, went long 218 BTC (worth $19.17 million), and then went short 52,943,600 ETH (worth $15.6 million). This setup clearly indicates a short position on the ETH/BTC exchange rate.

The data indeed makes one think. The current ETH/BTC quote is 0.03358, which has dropped over 22% from the peak of 0.04328 during the August rally. This adjustment has been quite significant.

Looking at the market response, it’s even more honest —

ETH’s rebound lacked volume and continuation
The decline was smooth, and the trend is very clear

The market has long reached a consensus, summarized in one sentence: "Hold BTC, trade ETH."

The logic behind this sentence is quite sobering. When an asset is only used for trading rather than long-term holding, it’s highly likely to lose in relative exchange rates. Time will tell.

BTC0.72%

ETH0.42%

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StablecoinArbitrageur

· 15h ago

ngl the 22% drawdown on eth/btc ratio since august is actually textbook mean reversion setup if you're analyzing it through a statistical arbitrage lens... but yeah the order flow data doesn't lie lol

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BagHolderTillRetire

· 16h ago

This big player is really ruthless, one hand pressing BTC while the other dumps ETH... An intelligent person can see through this operation at a glance. Configuring BTC to trade ETH, very accurate, that's exactly how the market is playing now. ETH is really a bit awkward, the rebound has no strength, but the decline is quite decisive. Maybe it's time to think about why it was chosen as a trading asset rather than an asset allocation. Big players are voting with real money. This exchange rate should be adjusted downward, it still hasn't been fully released. The smart guys have long seen through this trick, just waiting for retail investors to react.

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SocialFiQueen

· 16h ago

Damn, 218 BTC directly thrown in, this guy really dares to play. ETH has indeed been beaten so badly this time that it has no temper left. BTC configuration, ETH trading, this contempt chain is really fierce. Ethereum has been completely pulled down. A 22% drop is just the beginning, it feels like it will continue. The logic of shorting the exchange rate is actually very clear, it's just wealthy people voting with their money, too honest. If ETH can only be used for speculation, I really wouldn't dare to buy the dip at this position.

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DaoResearcher

· 16h ago

According to the tokenomics model in the white paper, this big player's operation is essentially arbitrage of "reconfiguring weight redistribution"... It is worth noting that, from on-chain data, ETH's governance token attributes have long been denied by market prices.

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