An important Bitcoin whale that has been handling Bitcoin with diamond for the last seven years has sold part of its holdings to open a long position in Ether, joining a recent wave of Bitcoin whales that are opening up to Ethereum.
The OG whale sold 670 Bitcoin for $76 million on Wednesday, then used those funds to position long in four positions, totaling 68,130 ETH, Lookonchain said in a post on X on Thursday.
Before the sale, the whale had 14,837 Bitcoin worth over $1.6 billion, coming from purchases made on the cryptocurrency exchanges Binance and HTX more than seven years ago.
This comes just a week after Bitcoin reached a new all-time high of $124,128 on August 14, and Ether was close to reclaiming its all-time high of 2021 at $4,878.
According to Lookonchain, the four Ether positions of the whales were opened around the $4,300 mark, and most of the Ether has a leverage of 10x, while a smaller position of 2,449 has a leverage of 3x.
However, after the whales opened their positions on Wednesday, the price of Ether fell, hitting a low of $4,080, putting three in the red and just $300 away from liquidation prices of $3,699, $3,700, and $3,732.
Ether is trading 2.9% higher in the last 24 hours, and is currently priced at $4,299 per token.