交易员加倍押注比特币做空以太坊，累积 1.18 亿美元头寸

一位交易员将其对比特币表现优于以太坊的押注增加了近 2100 万美元，使总头寸规模达到 1.18 亿美元。该策略涉及存入 wBTC（包装比特币）并通过 Aave 借入以太币，从以太币相对于比特币的价值下跌中获利。交易者还可以将借来的以太币用于各种目的，例如投机、对冲或赚取利息。

Trader Increases Bitcoin Bet Against Ethereum to $118 Million

交易员将比特币兑以太坊的押注增加至 1.18 亿美元

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.

一位交易员大幅增加了对比特币表现优异的押注，这一大胆举动标志着以太坊前景看跌。通过复杂的策略，该交易员已经积累了 1.18 亿美元的头寸，有望从以太坊相对于比特币的价值下跌中获利。

Leveraging DeFi for a Bearish Ethereum Play

利用 DeFi 来看跌以太坊

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.

交易者通过去中心化借贷平台 Aave 执行交易。 Aave 允许用户存入一种加密资产并借用另一种加密资产。在这种情况下，交易者存入了打包的比特币（wBTC）并借入了以太币（ETH）。该策略有效地创建了 ETH 相对于 BTC 的空头头寸。

How the Strategy Works

该策略如何运作

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 兑 BTC 的价值下跌，交易者可以以较低的价格偿还借入的 ETH，从而从下跌中获利。该交易员已存入 2,648 个 wBTC，价值约 1.8 亿美元，并借入 35,894 个 ETH，价值约 1.18 亿美元。

Multicoin Capital's Position

Multicoin Capital 的立场

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.

根据链上钱包追踪工具 Llamafolio 的说法，用于交易的钱包已与著名的加密投资公司 Multicoin Capital 关联。 Multicoin Capital 拒绝对此事发表评论。

WBTC: A Bridge Between Bitcoin and Ethereum

WBTC：比特币和以太坊之间的桥梁

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) 是以太坊区块链上的一种代币，由比特币一对一支持。这使得交易者能够在以太坊生态系统中利用比特币的价值，包括用于 DeFi 策略。

Historical Context

历史背景

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.

该交易员的仓位最初于 2021 年 12 月注资，初始存款为 1,100 wBTC 和 997 wBTC，当时价值约 9100 万美元。随后，他们存入了更多 wBTC 并借入了 ETH，将头寸增加到目前的规模。

Profitable Bet So Far

迄今为止有利可图的赌注

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 日增持以来，以太坊相对于比特币已下跌 3%。这种表现有利于交易者的押注，如果 ETH 继续跑输 BTC，交易者将进一步获利。

Risk Management

风险管理

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.

交易者的仓位健康系数为1.19，表明爆仓风险较低。当健康因子低于 1 时就会发生清算，这意味着交易者需要 ETH 相对于 BTC 的价值大幅增加才能面临清算风险。

Potential Other Uses

潜在的其他用途

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.

虽然做空 ETH 可能是交易者的主要目标，但借入的 ETH 也可以用于其他目的，例如投机其他资产、对冲风险或赚取利息。 ETH已被发送至中心化交易所Coinbase，掩盖了交易者的进一步意图。

Conclusion

结论

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.

这位交易员对以太坊的大举押注证明了人们对 DeFi 策略的兴趣日益增长以及市场参与者的成熟度。此举凸显了人们对以太坊的看跌情绪日益浓厚，以及加密货币市场出现大幅波动的可能性。随着市场的不断发展，交易者无疑将继续寻找创新的方法来利用价格变动。