💰 How a Bitcoin Whale Made $100 Million from Betting on Ethereum
The Bitcoin whale has returned after a long slumber, deciding to shift a significant portion of its holdings towards Ethereum, achieving over $100 million in unrealized profits as the price of ETH rises.
🔹 On August 22, the Lookonchain platform detected the wallet after it began buying Ethereum in massive amounts, either through direct purchases (Spot) or leveraged trading.
🔹 Its transactions included: purchasing 62,914 ETH worth $270 million, and opening a long position in derivative trades worth $580 million encompassing 135,265 ETH.
🔹 It also sent 300 BTC to the Hyperliquid platform to increase its exposure to Ethereum, indicating a long-term strategy rather than just a fleeting trade.
📈 Transformation Results:
The derivative position achieved unrealized profits of about $58 million.
The direct purchase added about $42 million in unrealized profits.
The total unrealized profits exceed $100 million from this transformation alone.
🔹 Analysts point out that these moves reflect a broader trend towards increased liquidity and interest in the Ethereum market, as ETH's share of spot trading reached its highest level since 2017.
✨ Following comments from U.S. Federal Reserve Chairman Jerome Powell in Jackson Hole, positive market risks have increased, helping ETH reach a new all-time high.
