$11B Bitcoin whale sells $330M ETH, opens a massive $748M long on top cryptos. While smart money traders are still net short on the leading tokens, the $11 billion Bitcoin whale is putting hundreds of millions of dollars on a price increase of Bitcoin, Ether, and Solana.
The $11 billion Bitcoin whale who was able to foresee the $19 billion October market crash is now making a bet on a rise in the value of the top cryptocurrencies again, thus implying a potential market recovery.
Whale’s Big Bet: $748M Leveraged Longs on BTC, ETH, SOL
After selling $330 million worth of Ether ETH$2, 975 to the market, the whale decided to open three leveraged long positions totalling $748 million, thus betting on the price increase of BTC $87, 883, Ether, and Solana SOL$124. 43. The biggest one is a $598 million ETH long position opened at $3, 147, which will be liquidated if Ether’s price drops under $2, 143, as per Tuesday’s X post by the blockchain data platform Lookonchain.
As a result of their most recent transaction patterns, the clever whale is gearing up for a short, term rally in the three leading cryptocurrencies while he still holds his leveraged positions and faces roughly $49 million in unrealized losses.
Also Read: Bitcoin Slides Below $87K as FOMO Gives Way to Renewed Market Caution
A $5B Pivot Paying Off?
The $11 billion Bitcoin whale came to light in August and has since moved about $5 billion of BTC into ETH, thus briefly exceeding a second, largest corporate treasury firm, Sharplink, in total ETH holdings, Cointelegraph reported on Sept. 1.
The Bitcoin whale was the first one to convert their money to Ether on Aug. 21 when they parted with $2. 59 billion worth of BTC for a $2. 2 billion spot ETH and a $577 million Ether perpetual long position, thereby nine massive whale addresses got the idea to acquire a cumulative $456 million worth of ETH within a day, shortly after the whales initial rotation.
Also Read: Bitcoin Consolidates Near $88,000 as Price Eyes $98,000–$100,000 Zone
Whale Bet on ETH, Yet Smart Money Remains Cautious
Meanwhile, other crypto whales are also upping their spot Ether purchases, which indicates that these large investors, a crucial cohort for price momentum, are becoming more confident. The rate of crypto whales’ Ether acquisition has been 1. 6 times higher than last week, during which they have collected 19 wallets with a total of 7. 43 million spot ETH, as per the crypto intelligence platform Nansen.
Nevertheless, the industry’s most profitable traders by returns, i.e. , smart money traders, as per Nansen, are still taking the view that Ether’s price will go down.
According to Nansen, smart money traders reduced long positions on Ether by $6. 5 million during the last 24 hours, while they were net short on Ether for a total of $121 million. Nevertheless, smart traders were also on the short side for Bitcoin with a total of $192 million and for Solana with $74 million.
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