「Buddy」 Ethereum Longs Are Now Over $1.09M in Profit

As of February 24th, Coinglass data shows Coinbase’s Bitcoin Premium Index has set a recent record for consecutive days in negative territory—40 straight days, currently at -0.0335%. That tops the roughly 30-day streak of negative premiums during the October 11 (1011) crash. Since 2023, the index has only posted a premium on 2 trading days. The Coinbase Bitcoin Premium Index tracks the gap between Bitcoin’s price on Coinbase and the global market average. A negative premium typically signals heavy selling pressure in the U.S. market, diminished investor risk appetite, elevated market risk aversion, or capital outflows.

February 24th — On-chain data from Coinbob Popular Address Monitoring (https://t.me/Coinbob_track_CN) shows the largest ETH long whale (address 0xa5b…) currently holds a 15x leveraged ETH long position, with unrealized losses now widened to $11.8 million (a 138% loss). The position totals ~70,000 ETH ($127 million) at an entry price of $1991, marking it the biggest ETH long on the Hyperliquid platform. Yesterday, the whale added 10,000 ETH to its long position at an average price of $1880 (~$18.8 million). Since December 2023: - Cumulative net deposits to Hyperliquid: $55 million - Current account balance: ~$34.3 million - Total withdrawals in the past 30 days: >$23.8 million Past activity: - Late 2023: Built a ~$1 billion ETH long position (60,000 ETH) - February 2024: Closed out that position entirely - Since then: Repositioned, sticking to its high-volume buy-low-sell-high swing trading style (billion-dollar total volume)

February 24th — Per HTX market data, ESPRESSO (ESP) was consecutively listed on two top South Korean crypto exchanges (Bithumb and Upbit) today. The token’s price surged from $0.1 to over $0.16, last trading at $0.145 and marking a 68.7% 24-hour gain.

**Feb 24 Update: Flying Tulip TGE Drops Below Issuance Price, Fails to Deliver on "Capital Protection" Promise** DeFi architect Andre Cronje’s project Flying Tulip—touted with the tagline “Never Rug, Never Sell”—held its Token Generation Event (TGE) last night. Mere hours after launch, the token (FT) fell below its $0.1 issuance price on-chain, contradicting its marketing claim of “Never Rug, Capital Protection.” As of press time, FT trades at ~$0.0989, with a circulating market cap of ~$200 million and a fully diluted valuation (FDV) still near $1 billion. Flying Tulip bills itself as an on-chain financial ecosystem integrating spot trading, lending, perpetual contracts, and its native stablecoin ftUSD. Its core model deploys 100% of raised capital into low-risk strategies (e.g., Aave, Lido), using only excess yields to fund operations and token buybacks—with no team pre-mine or token inflation. The project’s key selling point is the ftPUT mechanism: Public sale FT holders

Bithumb to Launch New ESP/KRW Spot Trading Market on February 24th

On February 24th, per Farside data, U.S. Ethereum spot ETFs posted a net outflow of $49.5 million yesterday, with BlackRock’s ETHA leading outflows at $45.4 million.