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Crypto whale “0xe8c1” shorts Ethereum and Bitcoin on GMX

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On March 11, it was reported that Lookonchain monitoring data showed that the crypto giant whale \”0xe8c1\” shorted Ethereum and Bitcoin on GMX, and the current …

Crypto whale 0xe8c1 shorts Ethereum and Bitcoin on GMX

On March 11, it was reported that Lookonchain monitoring data showed that the crypto giant whale “0xe8c1” shorted Ethereum and Bitcoin on GMX, and the current floating profit has reached 12 million dollars.

Giant whale “0xe8c1” shorted Ethereum and Bitcoin on GMX, and the current floating profit has reached 12 million dollars

Analysis based on this information:


The cryptocurrency market has once again attracted attention from the public as monitoring data from Lookonchain revealed that a crypto giant whale, “0xe8c1,” has shorted Ethereum and Bitcoin on GMX. According to the data, the current floating profit of the short position has reached $12 million.

For those unfamiliar with the term “short selling,” it is essentially a way for investors to profit from a decrease in the value of an asset. In this case, the whale has bet against the price of Ethereum and Bitcoin, anticipating a drop in their respective values.

The use of short selling is not new in the world of finance, but it has gained traction in the cryptocurrency market in recent years. It can be a risky strategy as the price of cryptocurrencies can be volatile and subject to sudden changes in the market.

The fact that a crypto whale with significant holdings, such as “0xe8c1,” has employed this strategy could signify a belief in the potential downturn of the market or a hedging position against their existing long positions. It is also possible that the whale is taking advantage of the current bullish sentiment in the market to profit from a potential correction.

Regardless of their reasoning, the move is noteworthy as it adds more uncertainty and volatility to an already unpredictable market. It also highlights the importance of monitoring activities of whales who hold significant influence on the market, as their actions can affect the overall sentiment and price movements.

In conclusion, the short selling position taken by “0xe8c1” on Ethereum and Bitcoin on GMX is significant as it indicates a belief in a potential market downturn, a hedging position, or an opportunity to profit from correction. The use of short selling in the cryptocurrency market is not new, but it is a risky strategy and can add more volatility to an already unpredictable market. Investors should keep a close eye on the activities of whales who hold significant influence on the market, as their actions can affect the overall sentiment and price movements.

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