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

03/11/2023 03:24 • Blockchain Briefs • 102 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:

On March 11, a report revealed that Lookonchain monitoring data showed that “0xe8c1,” a crypto giant whale, shorted Ethereum and Bitcoin on GMX. According to the report, the whale’s current floating profit has reached $12 million.

The report provides some insight into the actions of one of the biggest players in the crypto market. The term “whale” is used to refer to an individual or organization that holds a large amount of a particular cryptocurrency. These entities have the potential to significantly influence the market due to the size of their holdings. As such, their actions are often closely monitored and analyzed by other players in the market.

The fact that this whale has shorted Ethereum and Bitcoin on GMX is also significant. Short selling is a common practice in the stock market, but it is still relatively new to the world of cryptocurrencies. In essence, short selling involves betting against the market. When someone shorts a cryptocurrency, they are essentially borrowing coins and then selling them in the hopes of buying them back at a lower price. If they succeed, they make a profit. If they fail, they lose money.

Short selling can be a risky strategy, as prices in the crypto market are notoriously volatile. However, it can also be a profitable one, as demonstrated by the success of this particular whale.

One interesting aspect of this report is the use of monitoring data to track the actions of whales. Lookonchain is a blockchain data analysis firm that provides tools for monitoring the movements of large players in the crypto market. This type of data can be invaluable for traders and investors trying to make informed decisions about their own holdings. By understanding the actions of whales, they can make better predictions about future market trends.

In conclusion, the report that “0xe8c1” has shorted Ethereum and Bitcoin on GMX and made a $12 million profit demonstrates the power and influence that whales can have on the crypto market. It also highlights the importance of monitoring and analyzing data to gain insights into their actions.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/11/crypto-giant-whale-0xe8c1-shorted-ethereum-and-bitcoin-on-gmx/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.