A multi-billionaire Bitcoin whale is shifting focus to Ethereum (ETH). The investor recently closed large Ether long positions and bought hundreds of millions worth of spot ETH. This shows big players see more upside in the world’s second-largest cryptocurrency.
Last week, the whale sold 22,769 Bitcoin (BTC) worth $2.59 billion. The funds were rotated into Ether with spot buying of 472,920 ETH, valued at $2.2 billion and a $577 million ETH perpetual long on the Hyperliquid.
On Monday, the investor closed $450 million of the perpetual long at an average price of $4,735 per ETH, locking in a staggering $33 million in profit. The trader also bought another $108 million worth of ETH on spot, according to blockchain data from Lookonchain. The whale still holds 40,212 ETH longs, with an unrealized profit exceeding $11 million.
Whale Transfers Setting Market Sentiment
Traders often track whale moves to understand short-term market trends. Ether (ETH) price has risen over 25% over the past month and marked a new all-time high $4,953, while Bitcoin declined roughly 7%.
Whales moving funds from Bitcoin to Ethereum can drastically influence short-term prices. These changes also show how funds are flowing between major cryptocurrencies.Â
Also Read: Telegram CEO Durov Calls French Case ‘Absurd’ a Year After Arrest
