A Chinese crypto journalist and blogger tweeted that some market whales are convinced that the second-largest cryptocurrency will fall to $400 and that they have already bet on this event through put options. Collin Wu links to @Blofin_Official who often shares insights. According to his tweet, a 26,000 ETH put order was recently placed.. The strike price (the price at which you can sell the asset, even if its market value is lower) for them is $400, and the options expire in June. Recently, there has been a large order of 26,000 ETH put options with a strike price of $400 and an expiration date of Jun 30. Some traders believe this is the tail management behavior of crypto whales. According to @Blofin_Official pic.twitter.com/VmYC44939h — Wu Blockchain (@WuBlockchain) January 7, 2023 The second largest cryptocurrency in the world has not known such a value since the end of 2020. According to Wu, the behavior of large investors may indicate that whales, by purchasing put options, want to hedge their positions. The Ethereum exchange rate fell by about 4% on the back of the New Year's Eve rally.