A Bitcoin whale holding for 7 years sells $76 million and buys Ethereum

A prominent Bitcoin whale, who has held a large amount of Bitcoin for over seven years, recently sold 670 Bitcoins worth $76 million. This move marks a strategic shift for the whale, who has opened multiple leveraged long positions in Ethereum, holding a total of 68,130 ETH.

The whale initially held a total of 14,837 Bitcoins valued at over $1.6 billion, purchased from early trading platforms like Binance and HTX. The sale and reinvestment in Ethereum come at a time when the trend of Bitcoin whales diversifying their assets into Ethereum is increasing, indicating their growing confidence in Ethereum's prospects.

According to data from blockchain analytics firm Lookonchain, most of these whales' Ethereum positions are using 10x leverage, with a small number using 3x leverage. These positions were opened when Ethereum's price was close to $4,300. However, shortly after, the price of Ethereum dropped to around $4,080, leading some positions close to liquidation thresholds.

According to CoinGecko, despite a temporary drop, Ethereum has rebounded, rising about 2.9% within 24 hours, reaching around $4,287 per token at the time of writing.

Meanwhile, during the recent market downturn, other whales panic-sold tens of thousands of Ethereum. Nevertheless, institutional wallets continue to accumulate Ethereum, with two wallets purchasing over 9,000 Ethereum each, worth approximately $38 million per wallet. Notably, the Bitcoin-listed company BitMine Immersion Technologies added 52,475 Ethereum, bringing its total holdings to 1.52 million Ethereum, valued at $6.6 billion.

In related Bitcoin activities, some other large whales are also transferring large amounts of Bitcoin. A long-term holder who has held over 80,000 Bitcoins since the Satoshi era transferred funds to Galaxy Digital after a long silence. A smaller whale became active again after six years, transferring 1,042 Bitcoins worth $123 million to a new wallet.

This shift in whale behavior, where Bitcoin investors are using profits to invest in Ethereum, reflects the changing market dynamics and the bullish sentiment towards Ethereum.