On November 26th, according to 4E observation, the most concerned "CZ counterparty giant whale" on the chain quickly eased the risk of multiple orders. When its ETH long position fell to $2623 last week, it was only $28 away from the clearing price of $2595, and the floating loss reached $44 million. Now the floating loss has shrunk to $16.13 million, which has been covered by $27.87 million. The position still needs ETH to rebound to $3,200 to fully recover.
On the pledge side, SharpLink (SBET) added 443 ETH pledge rewards in the past week, accumulating 7,846 since June this year, indicating that the ETH pledge income structure remains stable.
Arca CIO Jeff Dorman once again refuted the rumor that "Strategy (MSTR) was forced to sell BTC", emphasizing that unless BTC fell so much that the selling became meaningless, Strategy did not need to sell assets at all.
4E Comments: The giant whale reduces losses, the ancient giant whale cashes out, the pledge income is stable, and the institutions refute rumors. The current ETH sentiment is repairing from extreme pessimism to neutral. Short-term fluctuations are still large, but on-chain structural risks are declining, and the market has re-entered the observation window of "cautious overweight".
4E: ETH whale dynamics are intertwined with institutional pressure release signals, and emotions on the chain are significantly warmer
2025-11-26 07:54:19
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