A whale has gone long on EUR/USDC with a $1 million position, betting on a weakening dollar amid expectations of a Fed rate cut
BlockBeats News, March 16th, according to Hyperinsight monitoring, on March 12th, a whale address starting with 0x133 opened a EUR/USDC long position with 34x leverage, with a position size of about $1.04 million, at an average entry price of $1.148, currently experiencing approximately 10% unrealized loss.
From a macro perspective, this long position may be based on the decrease of about 92,000 in US February non-farm payrolls, a slight increase in the unemployment rate to 4.4%, indicating a cooling labor market; meanwhile, the February CPI increased by about 2.4% year-on-year, suggesting that some may believe that inflation has not picked up.
However, the escalating US-Iran geopolitical conflict has significantly affected the Fed's pace of interest rate cuts. The whale chose to heavily invest at this time, perhaps betting on the geopolitical risk marginally easing or the conflict moving towards a de-escalation. The market's attention has now shifted to the early hours of March 19th for the Fed's interest rate decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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