Mt Gox, the bankrupt exchange, transferred 47,228 bitcoins from its cold wallet to a new wallet this morning. This move seems to have intensified market panic, as bitcoin continues to decline and ether recently fell below the $3,000 mark. In such a market atmosphere, it appears that some whales have made impulsive trades influenced by emotions.
According to information shared by on-chain data analyst Yu Yan, some whales sold 26,600 ETH this morning and exchanged it for 82.52 million USDT to reduce their leverage position on the lending platform Aave. The short-term sell-off also caused the price of ETH to drop by about $100.
However, shortly after the sale, the whale transferred the remaining 33,765 ETH (worth over 100 million yuan) to a new address (starting with 0xa33) and deposited these ETH again into Aave as collateral to borrow 80 million USDT. They then used the borrowed USDT to buy back ETH, effectively restoring the leverage that was liquidated earlier in the morning.
There have been many speculations about the transaction behavior of this address within the community. Most netizens believe that it may be due to panic selling, followed by regret and quick repurchase. Some people jokingly suggest that it may be because the wallet has bad feng shui, so they want to switch to a new wallet.
Although the probability of an Ethereum ETF being approved this month is quite high, many people believe that even if it is approved, it may replicate the situation of the large-scale outflow of GBTC in January, which could lead to a short-term decline in the coin price. However, some people have denied this view, pointing out that the premium rate of ETHE has been hovering between -2% to -1% for nearly a month, which should have provided sufficient opportunities for arbitrageurs to exit without having to wait for the ETF to be approved.
