Crypto Whale “0xe8c1” Shorted Ethereum and Bitcoin on GMX

03/11/2023 03:24 • Metaverse Matters • 127 views

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 latest reports from Lookonchain monitoring data show that the infamous crypto giant whale, identified as “0xe8c1”, has shorted Ethereum and Bitcoin on GMX, a renowned cryptocurrency derivative trading platform. According to the data, the current floating profit resulting from the crypto whale’s actions has reached an astounding 12 million dollars.

For those unfamiliar with the term, shorting refers to the act of betting against the market. In the context of cryptocurrencies, shorting involves selling assets that the trader does not own with the hope of buying them back at a lower price, thereby securing a profit.

The fact that a crypto whale is shorting both Ethereum and Bitcoin is a significant development within the market, given their reputation for influencing the crypto industry’s direction. While it is unclear why the whale has chosen to short Ethereum and Bitcoin, one possible explanation could be to hedge against potential market volatility.

Overall, the news of the situation is concerning, particularly for individuals or businesses that are heavily invested in these two cryptocurrencies. The actions of the crypto giant whale could potentially trigger a significant market downturn, with cascading negative implications.

In the past, crypto whales have been known to make substantial investments in the industry, often leading to notable market spikes. Therefore, the reverse being true could significantly threaten the stability of the industry at large.

In conclusion, not much is known about the motivations behind the shorting of Ethereum and Bitcoin by the “0xe8c1” crypto giant whale on GMX. However, the current floating profit of 12 million dollars from their actions is significant and increases concerns about potential market volatility. The industry will undoubtedly be watching closely as this situation unfolds, hoping that they will not see a catastrophic downturn.

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