Bitcoin Whale Shifts to ETH With $295 Million Long Position

A major Bitcoin whale who has diamond-handed Bitcoin for the last seven years has sold off some of its bag to open a long position in Ether (ETH), joining a recent wave of Bitcoin whales opening up to Ethereum.

The OG whale sold 670 Bitcoin (BTC) for $76 million on Wednesday, then used those funds to go long across four positions, totaling 68,130 ETH, Lookonchain said in an X post on Thursday.

Before the sale, the whale had 14,837 Bitcoin worth over $1.6 billion, dating back to purchases from crypto exchanges Binance and HTX over seven years ago.

It comes only a week after Bitcoin reached a new all-time high of $124,128 on Aug. 14, and Ether came close to reclaiming its 2021 all-time high of $4,878.

Source: Lookonchain

Whale positions went down after buy

All four of the whales’ Ether positions were opened around the $4,300 mark, according to Lookonchain, and the bulk of the Ether is on 10x leverage, while a smaller position of 2,449 is on 3x leverage.

However, after the whale opened their positions on Wednesday, Ether’s price dropped, hitting a low of $4,080, putting three into the red and only about $300 away from the liquidation prices of $3,699, $3,700 and $3,732.

Ether is trading up 2.9% in the last 24 hours, according to CoinGecko, and is currently changing hands for $4,287 per token.

Institutions stacking Ether too

A trio of whales’ panic sold 17,972, 13,521 and 3,003 Ether during a market dip on Tuesday, Lookonchain said, but others were waiting in the wings to snap it up.

At the same time, two institution-linked wallets were stacking Ether, accumulating 9,044 each worth $38 million, according to Lookonchain.

Source: Lookonchain

BitMine Immersion Technologies, a publicly traded Bitcoin company, also added another 52,475 Ether to its treasury, bringing its holdings to 1.52 million tokens worth $6.6 billion.