The $11 billion Bitcoin whale, which correctly predicted October’s $19 billion market crash, is betting on price appreciation for top cryptocurrencies, signaling a potential market recovery.
After cashing out $330 million in Ether (ETH), the whale opened three leveraged long positions worth a total of $748 million, betting on rising prices of Bitcoin (BTC), Ether and Solana (SOL).
The largest is a long ETH position worth $598 million, opened at $3,147, which threatens to be liquidated if the Ether price falls below $2,143. According to to X’s Tuesday post on blockchain data platform Lookonchain.
Based on recent trading patterns, the whale is positioning itself for a near-term rally in the three leading cryptocurrencies, continuing to maintain leveraged positions despite unrealized losses of approximately $49 million.
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The $11 billion bitcoin whale emerged in August and converted about $5 billion worth of BTC into ETH, briefly overtaking the second-largest corporate treasury firm, Sharplink, in terms of total ETH holdings, Cointelegraph reported on September 1.
The Bitcoin whale began rolling funds into Ether on August 21, selling $2.59 billion worth of BTC for a $2.2 billion spot ETH and a $577 million perpetual long position in Ether, which inspired nine “huge” whale addresses to acquire a total of $456 million worth of ETH in a single day.
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Whales are increasing their ETH purchases, but astute traders are still $122 million tiny
Other cryptocurrencies also increased spot takeovers of Ether, signaling greater confidence from gigantic investors, a key group influencing price dynamics.
According to the crypto platform, crypto whales increased their ether acquisition rate 1.6x over the past week, accumulating $7.43 million of spot ETH across 19 wallets Nansen.
Still, the industry’s most successful traders in terms of profits, among the “smart money” traders on the Nansen platform, continue to bet on a fall in the price of Ether.
According to data from Astute Investors, there was a net shortfall in the Ether market totaling $121 million, with $6.5 million added in long positions in the last 24 hours. Nansen.
Astute investors also missed out on Bitcoin with a total value of $192 million and Solana for $74 million.
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