$11B Bitcoin whale bets big on ETH upside, scoops up $108M spot Ether

6 hours ago

A multi-billionaire Bitcoin whale is closing his precocious opened Ether agelong positions and buying hundreds of millions worthy of spot Ether, signaling that large investors are expecting much upside from the world’s second-largest cryptocurrency.

Last week, a Bitcoin whale worth implicit $11 cardinal sold 22,769 Bitcoin (BTC) worthy $2.59 billion, rotating the funds into 472,920 spot Ether (ETH) oregon $2.2 cardinal and a $577 cardinal Ether perpetual agelong presumption connected the decentralized exchange Hyperliquid, Cointelegraph reported.

On Monday, the whale closed $450 cardinal worthy of his perpetual agelong presumption astatine an mean Ether terms of $4,735, to fastener successful $33 cardinal worthy of profit, earlier acquiring different $108 cardinal worthy of spot Ether, according to blockchain quality level Lookonchain.

“He inactive holds 40,212 $ETH ($184M) longs, with an unrealized nett of $11M+,” added Lookonchain successful a Monday X post.

Cryptocurrency traders often way ample whale movements to gauge short-term marketplace trends.

Whale request for Ether accrued implicit the past month, arsenic Ether’s terms roseate astir 25%, outperforming Bitcoin’s 5.3% diminution implicit the past 30 days, TradingView information shows.

Analysts including Willy Woo are pointing to these whale rotations arsenic the main crushed down past week’s Bitcoin slump to $112,000.

On Sunday, Bitcoin fell astir 2.2% from $114,666 astatine 7:31 p.m. UTC to $112,546 successful 9 minutes earlier bottoming retired astatine $112,174 astatine 8:16 p.m. UTC.

Ether whitethorn people $5.2k amid Bitcoin’s crab walk: Bitget CEO

While Bitcoin whitethorn spot a deficiency of momentum implicit the adjacent 2 weeks, it whitethorn alteration capitalist superior to travel into Ether, signaling a caller imaginable all-time highs, according to Gracy Chen, CEO of Bitget, the world’s sixth-largest cryptocurrency speech by regular trading volume.

“Ethereum’s rally past $4,300 signals robust ecosystem request and the imaginable onset of an altcoin season,” Chen told Cointelegraph, adding:

“Bitcoin is expected to commercialized successful the $110,000–$120,000 scope implicit the adjacent 1 to 2 weeks, portion Ethereum looks stronger, with targets betwixt $4,600 and $5,200."

Chen called Federal Reserve Chair Jerome Powell’s “unexpectedly dovish comments” a “key catalyst” to boost hazard appetite among crypto investors.

“On-chain information shows superior rotation underway, with whales selling Bitcoin to summation Ethereum exposure, further accelerating ETH’s momentum,” she said.

Chen’s comments came soon aft Powell’s code astatine the yearly cardinal slope symposium successful Jackson Hole connected Friday, wherever helium hinted that interest-rate cuts would resume successful September.