Bitcoin Whale Ignites $748M Bullish Surge

$11B Bitcoin whale sells $330M ETH, opens a massive $748M long on top cryptos. While smart money traders are still net short on the leading tokens, the $11 billion Bitcoin whale is putting hundreds of millions of dollars on a price increase of Bitcoin, Ether, and Solana. 

The $11 billion Bitcoin whale who was able to foresee the $19 billion October market crash is now making a bet on a rise in the value of the top cryptocurrencies again, thus implying a potential market recovery. 

Whale’s Big Bet: $748M Leveraged Longs on BTC, ETH, SOL

After selling $330 million worth of Ether ETH$2, 975 to the market, the whale decided to open three leveraged long positions totalling $748 million, thus betting on the price increase of BTC $87, 883, Ether, and Solana SOL$124. 43. The biggest one is a $598 million ETH long position opened at $3, 147, which will be liquidated if Ether’s price drops under $2, 143, as per Tuesday’s X post by the blockchain data platform Lookonchain. 

As a result of their most recent transaction patterns, the clever whale is gearing up for a short, term rally in the three leading cryptocurrencies while he still holds his leveraged positions and faces roughly $49 million in unrealized losses.

Also Read: Bitcoin Slides Below $87K as FOMO Gives Way to Renewed Market Caution

A $5B Pivot Paying Off?

The $11 billion Bitcoin whale came to light in August and has since moved about $5 billion of BTC into ETH, thus briefly exceeding a second, largest corporate treasury firm, Sharplink, in total ETH holdings, Cointelegraph reported on Sept. 1.

Source: Experian

The Bitcoin whale was the first one to convert their money to Ether on Aug. 21 when they parted with $2. 59 billion worth of BTC for a $2. 2 billion spot ETH and a $577 million Ether perpetual long position, thereby nine massive whale addresses got the idea to acquire a cumulative $456 million worth of ETH within a day, shortly after the whales initial rotation. 

Also Read: Bitcoin Consolidates Near $88,000 as Price Eyes $98,000–$100,000 Zone

Whale Bet on ETH, Yet Smart Money Remains Cautious

Meanwhile, other crypto whales are also upping their spot Ether purchases, which indicates that these large investors, a crucial cohort for price momentum, are becoming more confident. The rate of crypto whales’ Ether acquisition has been 1. 6 times higher than last week, during which they have collected 19 wallets with a total of 7. 43 million spot ETH, as per the crypto intelligence platform Nansen.

Nevertheless, the industry’s most profitable traders by returns, i.e. , smart money traders, as per Nansen, are still taking the view that Ether’s price will go down.

According to Nansen, smart money traders reduced long positions on Ether by $6. 5 million during the last 24 hours, while they were net short on Ether for a total of $121 million. Nevertheless, smart traders were also  on the short side for Bitcoin with a total of $192 million and for Solana with $74 million.

Also Read: Metaplanet Adds 4,279 BTC in Q4, Boosts Bitcoin Holdings to 35,102 BTC