Whale Tracking: The whale bearish on the BTC/ETH exchange rate added another 50% to their position yesterday, with the total position size reaching nearly $30 million.

According to monitoring by TradingBeats (formerly Hyperinsight), the 0x0911 whale that opened a "buy ETH, sell BTC" pair position two days ago is still adding to its holdings. The nominal value of both legs has expanded from an initial ~$20 million to ~$29.38 million, a rise of ~46.9%. As of press time, the address holds a long position of 5,943.61 ETH worth ~$14.819 million, with an average entry price of $2,486.64, generating an unrealized profit of ~$39,000. It also holds a short position of 184.95 BTC worth ~$14.558 million, with an average entry price of $79,804, for an unrealized profit of ~$201,000. The sizes of both legs remain roughly balanced, with a total unrealized profit of ~$241,000. When the position was opened on August 25, BTC outperformed ETH by ~2.2 percentage points in the prior 24 hours, and the average execution price of the two TWAP trades corresponded to a BTC/ETH ratio of ~32.20. The current BTC/ETH ratio has dropped to ~31.57, a decrease of ~2% from that level. Currently, both the ETH long and BTC short positions are generating unrealized profits: if the BTC/ETH ratio continues to decline, the pair position will keep benefiting; if it rebounds back to around ~32.20, the existing unrealized profit will face a pullback, excluding transaction fees and funding rates for now. Previous news: BTC/ETH ratio falls back to 32.2, how does the $20 million whale expect the ratio to move?