交易員加倍押注比特幣做空以太坊，累積 1.18 億美元部位

一位交易員將其對比特幣表現優於以太坊的押注增加了近 2,100 萬美元，使總頭寸規模達到 1.18 億美元。該策略涉及存入 wBTC（包裝比特幣）並透過 Aave 借入以太幣，從以太幣相對於比特幣的價值下跌中獲利。交易者還可以將借來的以太幣用於各種目的，例如投機、對沖或賺取利息。

Trader Increases Bitcoin Bet Against Ethereum to $118 Million

交易員將比特幣兌以太坊的押注增加至 1.18 億美元

In a bold move that signals a bearish outlook on Ethereum, a trader has significantly increased their bet on Bitcoin's outperformance. Through a sophisticated strategy, the trader has amassed a $118 million position that stands to profit from Ethereum's decline in value relative to Bitcoin.

一位交易員大幅增加了對比特幣表現優異的押注，這一大膽舉動標誌著以太坊前景看跌。透過複雜的策略，該交易員已經累積了 1.18 億美元的頭寸，預計將從以太坊相對於比特幣的價值下跌中獲利。

Leveraging DeFi for a Bearish Ethereum Play

利用 DeFi 來看跌以太坊

The trader has executed the trade through Aave, a decentralized lending platform. Aave allows users to deposit one crypto asset and borrow another against it. In this case, the trader has deposited wrapped Bitcoin (wBTC) and borrowed Ether (ETH). This strategy effectively creates a short position on ETH relative to BTC.

交易者透過去中心化借貸平台 Aave 執行交易。 Aave 允許用戶存入一種加密資產並借用另一種加密資產。在這種情況下，交易者存入了打包的比特幣（wBTC）並藉入了以太幣（ETH）。該策略有效地創建了 ETH 相對於 BTC 的空頭部位。

How the Strategy Works

該策略如何運作

If the value of ETH falls against BTC, the trader can repay the borrowed ETH at a lower value, thereby profiting from the decline. The trader has deposited 2,648 wBTC, valued at approximately $180 million, and borrowed 35,894 ETH, worth around $118 million.

如果 ETH 兌 BTC 的價值下跌，交易者可以以較低的價格償還借入的 ETH，從而從下跌中獲利。該交易員已存入 2,648 個 wBTC，價值約 1.8 億美元，並借入 35,894 個 ETH，價值約 1.18 億美元。

Multicoin Capital's Position

Multicoin Capital 的立場

According to Llamafolio, an on-chain wallet tracking tool, the wallet used for the trade has been linked to Multicoin Capital, a prominent crypto investment firm. Multicoin Capital has declined to comment on the matter.

根據鏈上錢包追蹤工具 Llamafolio 的說法，用於交易的錢包已與著名的加密投資公司 Multicoin Capital 關聯。 Multicoin Capital 拒絕對此事發表評論。

WBTC: A Bridge Between Bitcoin and Ethereum

WBTC：比特幣和以太坊之間的橋樑

Wrapped Bitcoin (wBTC) is a token on the Ethereum blockchain that is backed one-to-one by Bitcoin. This allows traders to leverage Bitcoin's value within the Ethereum ecosystem, including for DeFi strategies.

Wrapped Bitcoin (wBTC) 是以太坊區塊鏈上的一種代幣，由比特幣一對一支援。這使得交易者能夠在以太坊生態系統中利用比特幣的價值，包括用於 DeFi 策略。

Historical Context

歷史背景

The trader's position was initially funded in December 2021, with an initial deposit of 1,100 wBTC and 997 wBTC, worth approximately $91 million at the time. They subsequently deposited more wBTC and borrowed ETH, building up their position to its current size.

該交易員的部位最初於 2021 年 12 月注資，初始存款為 1,100 wBTC 和 997 wBTC，當時價值約 9,100 萬美元。隨後，他們存入了更多 wBTC 並藉入了 ETH，將部位增加到目前的規模。

Profitable Bet So Far

迄今為止有利可圖的賭注

Since increasing their position on April 3, Ethereum has declined by 3% against Bitcoin. This performance has benefited the trader's bet, which stands to profit further if ETH continues to underperform BTC.

自 4 月 3 日增持以來，以太坊相對於比特幣已下跌 3%。這種表現有利於交易者的押注，如果 ETH 繼續跑輸 BTC，交易者將進一步獲利。

Risk Management

風險管理

The trader's position has a health factor of 1.19, indicating a low risk of liquidation. Liquidation occurs when the health factor drops below 1, which means the trader would need a significant increase in ETH's value relative to BTC to face liquidation risk.

交易者的部位健康係數為1.19，顯示爆倉風險較低。當健康因子低於 1 時就會發生清算，這意味著交易者需要 ETH 相對於 BTC 的價值大幅增加才能面臨清算風險。

Potential Other Uses

潛在的其他用途

While shorting ETH may be the trader's primary goal, the borrowed ETH could also be used for other purposes, such as speculating on other assets, hedging risk, or earning interest. The ETH has been sent to the centralized exchange Coinbase, obscuring the trader's further intentions.

雖然做空 ETH 可能是交易者的主要目標，但藉入的 ETH 也可以用於其他目的，例如投機其他資產、對沖風險或賺取利息。 ETH已被發送至中心化交易所Coinbase，掩蓋了交易者的進一步意圖。

Conclusion

結論

This trader's massive bet against Ethereum is a testament to the growing interest in DeFi strategies and the sophistication of market participants. The move underscores the growing bearish sentiment towards Ethereum and the potential for significant volatility in the cryptocurrency market. As the market continues to evolve, traders will undoubtedly continue to seek out innovative ways to capitalize on price movements.

這位交易員對以太坊的大舉押注證明了人們對 DeFi 策略的興趣日益增長以及市場參與者的成熟度。此舉凸顯了人們對以太坊的看跌情緒日益濃厚，以及加密貨幣市場大幅波動的可能性。隨著市場的不斷發展，交易者無疑將繼續尋找創新的方法來利用價格變動。