Bitcoin Whale Holds 40,000 ETH in Profitable Long Position
- Main event, significant market impacts, unrealized financial gains.
- Bitcoin whale holds 40,000 ETH long profitably.
- Large ETH positions continue to affect crypto markets.
A prominent Bitcoin whale shifted billions from BTC into ETH, maintaining over 40,000 ETH, yielding $11 million in unrealized gains, predominantly tracked by Lookonchain analytics.
The whale’s activity has significantly influenced ETH and BTC prices, sparking discussions on market transparency and regulatory oversight amid rising concerns over leverage risks.
A prominent Bitcoin whale, dating back to 2018, has maintained a long position in Ethereum with more than 40,000 ETH. Unrealized gains from these holdings exceed $11 million as per current estimates. The whale had previously rotated a substantial part of their BTC into ETH.
This whale, having amassed over 100,000 BTC across years, notably from major exchanges, is still active in major on-chain transactions. Lookonchain’s data indicates no personal statements from the whale have been publicly released.
The whale’s actions have impacted the market, causing a BTC price crash below $40,000 when they sold 24,000 BTC. Such a large transfer resulted in more than $500 million in forced BTC liquidations.
Financially, the whale utilized the BTC proceeds to acquire 473,000 ETH and establish a substantial ETH long position. This strategic movement restructured liquidity in favor of Ethereum, sparking interest in leveraged positions.
Whale activity prompted significant Ethereum withdrawals from exchanges, with more than 1.2 million ETH exiting in the month. Their activity coincided with a net outflow of 40,000 ETH. Developer discussions focus on leveraging trends and market stability.
Historical trends show comparable funding shifts have led to market volatility. Past cycles, such as during fresh ETF approval periods, saw major drawdowns. Thus, the current circumstances could indicate interest in similar strategic rotations and technology dependencies.
Lookonchain, On-Chain Analytics Provider, – “Over the past five days, the wallet deposited nearly 23,000 BTC… and opened a substantial long position in ETH.”: Source
