A Bitcoin whale with billions of dollars is closing its recently opened long position in Ethereum and purchasing hundreds of millions of dollars worth of spot Ethereum, indicating that large investors expect the world's second-largest cryptocurrency to rise further.
According to Cointelegraph, last week, a Bitcoin whale with a position worth over $11 billion sold 22,769 Bitcoin (BTC) for $2.59 billion, rotating the funds into 472,920 spot Ethereum (ETH) and opening a $577 million Ethereum perpetual long position on the decentralized exchange Hyperliquid.
According to blockchain intelligence platform Lookonchain, on Monday, the whale closed a $450 million perpetual long position at an average Ethereum price of $4,735, locking in a profit of $33 million, and then purchased $108 million worth of spot Ethereum.
Lookonchain added in a post on X on Monday, "He still holds 40,212 ETH ($184 million) long, with unrealized profits exceeding $11 million."
Cryptocurrency traders often track the movements of large whales to gauge short-term market trends.
Data from TradingView shows that demand for Ethereum from whales has increased over the past month, with Ethereum's price rising nearly 25%, outperforming Bitcoin's 5.3% decline over the past 30 days.
Analysts, including Willy Woo, pointed out that these whale rotations were a major reason for Bitcoin's drop to $112,000 last week.
On Sunday, Bitcoin fell nearly 2.2% in 9 minutes from $114,666 at 7:31 PM UTC to $112,546, then bottomed out at $112,174 at 8:16 PM UTC.
According to Gracy Chen, CEO of Bitget, the sixth-largest cryptocurrency exchange by global daily trading volume, while Bitcoin may lack momentum in the next two weeks, this could lead to a flow of investor funds into Ethereum, signaling a potential new historical high.
Chen told Cointelegraph, "Ethereum's surge past $4,300 indicates strong ecosystem demand and the potential start of an altcoin season." She added:
Chen stated that Federal Reserve Chairman Jerome Powell's "unexpectedly dovish remarks" were a "key catalyst" for boosting cryptocurrency investors' risk appetite.
"On-chain data shows that fund rotation is underway, with whales selling Bitcoin to increase their exposure to Ethereum, further accelerating ETH's momentum," she said.
Chen's comments came shortly after Powell spoke at the annual Jackson Hole central banking symposium on Friday, where he hinted that interest rate cuts would resume in September.
Related: Will the Bitcoin bull market end at $111,000? Five key BTC points to watch this week.
Original: “$11 Billion Bitcoin (BTC) Whale Makes Big Bet on Ethereum Rise, Bottoms $108 Million Spot ETH”
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