Scimitar Capital Co-Founder: Two major ETH whales have closed most of their leveraged positions in the past week. Ethereum and the crypto market have bottomed out, and the vicious cycle is about to end.

Odaily Planet Daily reports that Scimitar Capital co-founder zlex posted on the X platform stating that over the past week, two ETH whales holding massive assets have closed most of their leveraged positions. This move caused ETH to drop over 20%, dragging BTC down to the support level of the previous cycle’s all-time high. The decline began when “Insider Whale” Garrett’s 200,000 ETH perpetual long positions were liquidated over the weekend, pushing the price close to the liquidation threshold of Trend Research’s leveraged positions on Aave. Currently, Trend Research has repaid hundreds of millions of dollars in positions, while Garrett has sold an additional approximately $300 million worth of ETH spot. Trend Research’s liquidation price has fallen to around $1,600, about 24% below the current price. Once Ethereum rebounds, this vicious cycle will end. The market should realize this soon, and strong technical support indicates that now is the bottoming-out moment for Ethereum and the entire cryptocurrency market. We are directly holding long positions in Ethereum.