$11B Bitcoin whale bets big on ETH upside, scoops up $108M spot Ether
The whale locked in $33 million worth of profit from Ether long opened last week, after selling $2.6 billion worth of Bitcoin held for over seven years.
A multi-billionaire Bitcoin whale is closing his recently opened Ether long positions and buying hundreds of millions worth of spot Ether, signaling that big investors are expecting more upside from the world’s second-largest cryptocurrency.
Last week, a Bitcoin whale worth over $11 billion sold 22,769 Bitcoin worth $2.59 billion, rotating the funds into 472,920 spot Ether or $2.2 billion and a $577 million Ether perpetual long position on the decentralized exchange Hyperliquid, Cointelegraph reported.
On Monday, the whale closed $450 million worth of his perpetual long position at an average Ether price of $4,735, to lock in $33 million worth of profit, before acquiring another $108 million worth of spot Ether, according to blockchain intelligence platform Lookonchain.
“He still holds 40,212 $ETH ($184M) longs, with an unrealized profit of $11M+,” added Lookonchain in a Monday X post.
Data shows that whales’ demand for Ether has increased over the past month, with the price of Ether rising by nearly 25%, exceeding Bitcoin’s 5.3% drop over the past 30 days.
Bitget CEO: Ethereum Could Target $5,200 While Bitcoin “Strides”
Gracy Chen, CEO of Bitget, the world’s sixth-largest cryptocurrency exchange, said that while Bitcoin may lack momentum over the next two weeks, it could drive investor capital into Ethereum, signaling a potential all-time high for the cryptocurrency.
“Bitcoin is expected to trade between $110,000 and $120,000 over the next one to two weeks, while Ethereum looks stronger with a target of $4,600 to $5,200.”
Chen called Federal Reserve Chair Jerome Powell’s “unexpectedly dovish comments” a “key catalyst” to boost risk appetite among crypto investors.
“On-chain data shows capital rotation underway, with whales selling Bitcoin to increase Ethereum exposure, further accelerating ETH’s momentum,” she said.
Chen’s comments came shortly after Powell’s speech at the annual central bank symposium in Jackson Hole on Friday, where he hinted that interest-rate cuts would resume in September.