A prominent Bitcoin whale, who has held onto their Bitcoin for the past seven years, has liquidated a portion of their holdings to establish a long position in Ether (ETH), aligning with a recent trend of Bitcoin whales exploring Ethereum.
This seasoned whale sold 670 Bitcoin (BTC) for $76 million on Wednesday and subsequently directed those funds into four long positions, accumulating a total of 68,130 ETH, as reported by Lookonchain in an X post on Thursday.
Prior to the sale, the whale possessed 14,837 Bitcoin valued at over $1.6 billion, with acquisitions made from crypto exchanges Binance and HTX over the span of seven years.
This transaction occurred just a week after Bitcoin achieved a new all-time high of $124,128 on August 14, while Ether approached its 2021 all-time high of $4,878.
Whale positions declined post-purchase
According to Lookonchain, all four of the whale’s Ether positions were initiated around the $4,300 level, with most of the Ether leveraged at 10x, while a smaller allocation of 2,449 is leveraged at 3x.
However, following the establishment of these positions on Wednesday, Ether’s value decreased, dropping to a low of $4,080, leading three positions into the red and coming dangerously close to liquidation prices of $3,699, $3,700, and $3,732.
Currently, Ether is trading up 2.9% over the last 24 hours, according to CoinGecko, with a current trading price of $4,287 per token.
Institutions accumulating Ether as well
A group of whales panic sold 17,972, 13,521, and 3,003 Ether during a market downturn on Tuesday, as noted by Lookonchain in a report, but others were poised to acquire those tokens.
Simultaneously, two wallets linked to institutions were gathering Ether, with each accumulating 9,044 tokens valued at $38 million, according to Lookonchain.
BitMine Immersion Technologies, a publicly traded Bitcoin firm, has also increased its Ether holdings by another 52,475 tokens, raising its total to 1.52 million tokens worth $6.6 billion.
Older whales adjusted their Bitcoin positions last month too
Additionally, two separate Bitcoin whales moved significant amounts of Bitcoin last month but did not invest in Ether.
A Satoshi-era Bitcoin whale with 80,201 tokens commenced transferring their assets to Galaxy Digital after a 14-year period of dormancy, completing the last transfer on July 16.
Related: Ether trader turns $125K into $43M, secures $7M after market decline
On the same day, another smaller whale, which had been inactive for six years, transferred 1,042 Bitcoin, valued at $123 million, to a new wallet.
Crypto analyst Willy Woo mentioned in June that whales possessing more than 10,000 Bitcoin have been gradually selling since 2017, responding to an X user’s inquiry about sellers amidst growing institutional interest.
Nonetheless, analysts informed Cointelegraph that the actions of OG Bitcoin holders in selling their assets shouldn’t cause concern, as new buyers are entering the market, indicating a healthy market evolution.
Magazine: Bitcoin’s long-term security budget dilemma: Impending crisis or FUD?
