A Bitcoin whale who has held BTC for the past seven years has sold part of their assets to establish a long position in ETH, joining the recent trend of BTC holders shifting towards ETH investments.
Lookonchain reported on Thursday that this seasoned investor sold 670 BTC on Wednesday, worth $76 million, and subsequently used the funds to go long on a total of 68,130 ETH across four different positions.
Before this transaction, the whale held 14,837 BTC, with a total value exceeding $1.6 billion, with these assets traceable back to purchases made seven years ago from the Binance and HTX cryptocurrency exchanges.
This move comes just a week after BTC reached an all-time high of $124,128 on August 14, while ETH nearly touched its historical high of $4,878 from 2021 during the same period.
According to Lookonchain data, the investor established all four ETH positions at around the $4,300 price level, with most of the ETH positions using 10x leverage, while a smaller position of 2,449 ETH used 3x leverage.
However, after the whale opened their positions on Wednesday, the price of ETH declined, hitting a low of $4,080, resulting in losses for three positions, which were only about $300 away from liquidation prices of $3,699, $3,700, and $3,732.
CoinGecko data shows that ETH has risen 2.9% in the past 24 hours, trading at $4,287 per token at the time of writing.
Lookonchain reported that three large holders panic-sold 17,972, 13,521, and 3,003 ETH during the market pullback on Tuesday, while other investors waited for the right opportunity to enter.
Meanwhile, two wallets associated with institutions are accumulating Ethereum, each increasing their holdings by 9,044 ETH worth $38 million.
Publicly listed Bitcoin company BitMine Immersion Technologies has added 52,475 ETH to its treasury, bringing its total holdings to 1.52 million tokens, valued at $6.6 billion.
Last month, two other Bitcoin whales also moved large amounts of BTC but did not purchase ETH.
A BTC whale from the Satoshi era, holding 80,201 tokens, began transferring their holdings to Galaxy Digital after 14 years of silence, completing the final transfer on July 16.
Another smaller investor woke up on the same day, ending a six-year silence by transferring 1,042 BTC to a new wallet, worth $123 million.
Cryptocurrency analyst Willy Woo pointed out in June that holders of over 10,000 Bitcoins have been steadily reducing their holdings since 2017, answering an X user’s question about who has been selling Bitcoin amid rising institutional interest.
However, the analyst told Cointelegraph that the sale of assets by seasoned Bitcoin holders is not concerning, as new buyers are actively entering the market, which is a positive sign of market maturation.
Related: Bitcoin (BTC) drops near $112,000 as investors await Powell's speech
Original article: “Bitcoin (BTC) Whale Dumps $76 Million, Shifts to Ethereum (ETH) Long Position”
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