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Trader Eugene: Currently not actively trading in the market, Bitcoin's breakout to the upside is a necessary condition for altcoin season.

By: theblockbeats.news|2025/08/30 03:01:42

BlockBeats News, August 30th: Trader Eugene Ng Ah Sio posted on his personal channel stating that he is currently not participating in the market trading. However, he needs to clarify for his followers that if they wish to see a substantial fluctuation in altcoins, they must rely on Bitcoin to drive the market, but currently, Bitcoin's performance has not met the bullish expectations.

Prior to this, on August 14th, Eugene stated that he had already closed most of his ETH positions to significantly reduce risk exposure because multiple warning signals were flashing before his eyes. On August 24th, he expressed his belief that the bull market cycle is coming to an end, and his personal ETH trading has come to a complete stop.

A certain contract whale has held a short position on BTC for nearly 3 months, with a realized profit of $7.08 million and $5.02 million earned from funding fees, despite a maximum unrealized loss of $12.81 million.

CryptoQuant Research Manager: If Bitcoin fails to quickly recover above $112,000, the next downside support level will be around $100,000