$11B Bitcoin Whale Withdraws $330M ETH, Opens $748M Long BTC, ETH, SOL
The $11 billion Bitcoin well correctly predicted the $19 billion October market crash, playing on price appreciation, signaling a market recovery.
After spending $330 million in Ether (ETH), the whale opened three leveraged long positions worth $748 million, betting on rising prices in Bitcoin (BTC), Ether, and Solana (SOL).
According to blockchain data platform Lookonchain's Tuesday X post, the biggest ETH price drop below $2,143 is an ETH long position worth $598 million that opened at $3,147.
Based on their recent trading patterns, the whale is putting up a short-term rally among the top three cryptocurrencies despite a loss of around $49 million.
Related: BitMine Locks Up $1B in Ether as Big Corporations Have Stakes to Produce ETH
An $11 billion Bitcoin whale emerged in August and about $5 billion worth of BTC was converted to ETH, briefly surpassing the second largest corporate treasury, Sharplink, in total ETH holdings, Cointelegraph reported on September 1.
Bitcoin Well began moving its funds into Ether on August 21, selling $2.59 billion of BTC for $2.2 billion of spot ETH and $577 million of Ether forever long, prompting nine “huge” addresses to acquire $456 million worth of ETH in one day.
Related: These three altcoins are back from the dead in 2025.
Whales increase ETH buying, but smart money traders are still short $122 million
Other crypto wells are also increasing their positions and boosting Ether acquisitions, indicating greater confidence from large investors, a key group driving price momentum.
According to crypto intelligence platform Nansen, CryptoWales has increased their Ether purchase rate by 1.6 times in the past week.
Still, the industry's most successful traders, tracked by Nansen as “smart money” traders, continue to bet on Ether's decline.
Smart money traders had a total of $121 million in Ether, with $6.5 million added to long positions in the past 24 hours, Nansen said.
Smart currency traders also netted $192 million in Bitcoin and $74 million in Solana.
Magazine: Solana vs Ethereum ETFs, Facebook's impact on Bitwise – Hunter Horsley
