A whale who has held Bitcoin for seven years recently sold a portion of their Bitcoin to establish a long position in Ethereum. This trend also reflects that other Bitcoin whales are gradually turning their attention to Ethereum.
This early holder sold 670 Bitcoins on Wednesday, worth $76 million, and then used the funds to establish a long position totaling 68,130 Ethereum. According to a post by Lookonchain, he announced this operation on Thursday.
Before selling Bitcoin, this whale held 14,837 Bitcoins, with total assets valued at over $1.6 billion, traceable to purchase records from Binance and HTX exchanges seven years ago.
This change occurred shortly after Bitcoin set a new high of $124,128 on August 14 and Ethereum approached its 2021 high of $4,878.
Ethereum price fluctuations affect positions
According to Lookonchain data, all four Ethereum positions were opened at around $4,300, with most using 10x leverage and a smaller position using 3x leverage. However, after the whales opened these positions, the ETH price dropped to $4,080, putting three of the positions at risk of nearing liquidation.
Ethereum has risen 2.9% in the past 24 hours, now priced at $4,287.
Institutions are also increasing their holdings in Ethereum
During the market downturn on Tuesday, three whales hurriedly sold their Ethereum holdings, but some institutional investors were ready to take over. At the same time, wallets associated with institutions have cumulatively purchased $38 million worth of Ethereum.
The Bitcoin mining company BitMine also increased its holdings by 52,475 Ethereum, bringing its total holdings to 1.52 million, worth $6.6 billion.
Other Bitcoin whales are also adjusting their positions
Last month, another whale holding over 100,000 Bitcoins began transferring assets to Galaxy Digital; this whale had been dormant for 14 years. Additionally, a whale holding 1,042 Bitcoins also made a transfer after six years of dormancy. Despite long-term Bitcoin holders beginning to sell, the market is still maturing, and buyers continue to emerge.
