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Ethereum daily trading volume is $21B, the 120k ETH purchase (about $320M) is 1.5% of daily volume, so it wouldn't move markets much at all. They just market b
by TimJRobinson 5y ago
Ethereum daily trading volume is $21B, the 120k ETH purchase (about $320M) is 1.5% of daily volume, so it wouldn't move markets much at all.
They just market bought ETH, nothing to do with ETH/SOL ratio.
- bhaak 5y agoI didn't explain my reasoning there. Most of SOL is in the hands of VC investors and hasn't hit the free market. If you don't have any other liquid asset, it would make sense to go the route of selling your SOL for ETH. But it looks like this was not necessary and the ETH to fill up the contract again was either at hand or sold over the counter. The $21B is the trading volume for all pairs. Most ETH pairs are BTC, fiat currencies or stablecoins. If somebody had sold SOL to get ETH that would have been noticeable.