THIS CAT IS LONG $7.45 MILLION OF CRYPTO
This cat CL207 is currently up $709,000 longing BTC, ETH, HYPE, MON and PEPE.
He’s up $1.27M in the last week. Will his streak continue?
Over the last week two of the largest public ETH whales have capitulated the majority of their levered positions. This has caused ETH to decline over 20% also dragging BTC down to natural support levels at prior cycle ATH's. This began with Garrett's 200k ETH perp long liquidated over the weekend, bringing prices dangerously close to Trend Research's liquidation levels on leveraged ETH vs USDT Aave positions. However, Trend has now repaid mid 9 figs of their original position while Garrett has sold ~300m additional Spot ETH. We believe this puts ETH in a position where natural demand can fill the remaining forced sellers. As can be seen in the below chart, Trend Research's liquidation levels are now in the 1600s, roughly 24% away from current price. Once ETH bounces at all the reflexive loop will end. Market should realize this soon and the combination of powerful technical support makes now a logical point to call a bottom on ETH and crypto more broadly. We are long ETH outright.