Ethereum News Today: Big Bitcoin Whale Shifts $76M to ETH Longs—Betting on Ethereum's Next Era

A major Bitcoin whale with a seven-year holding of 14,837 BTC—valued at over $1.6 billion—recently sold 670.1 BTC, totaling approximately $76 million, and redirected those funds into leveraged long positions in Ethereum (ETH), accumulating 68,130 ETH worth $295 million across four wallets on Hyperliquid [1]. This move, identified by blockchain analytics firm Lookonchain, marks a significant shift in strategy by a long-term Bitcoin holder, reflecting increased confidence in Ethereum's potential amid broader market dynamics [2].

The whale’s Ethereum positions were opened around the $4,300 price level, with most of the exposure on 10x leverage, and a smaller portion on 3x leverage. However, the subsequent price correction brought Ethereum down to as low as $4,080, pushing several of the whale’s positions close to liquidation levels. Three of the positions are within $300 of their respective liquidation prices, raising concerns about further losses if ETH continues to decline [1]. Despite this, Ethereum has since recovered slightly, trading at $4,287 as of the latest data, representing a 2.9% increase over the previous 24 hours [2].

The whale’s strategic pivot from Bitcoin to Ethereum aligns with growing institutional interest in the second-largest cryptocurrency. BitMine Immersion Technologies, a publicly traded company known for holding substantial Bitcoin, added 52,475 ETH to its treasury in recent weeks, bringing its total ETH holdings to 1.52 million tokens, valued at $6.6 billion [1]. Additionally, two institution-linked wallets have been accumulating Ethereum, adding 9,044 ETH each, or $38 million collectively. These moves suggest a broader trend of institutional capital flowing into Ethereum, driven by its expanding use cases in decentralized finance (DeFi) and smart contract applications [1].

The whale's decision is also part of a larger trend in which long-term Bitcoin holders are diversifying their portfolios. Another Bitcoin whale with holdings of 80,201 BTC, dormant for 14 years, recently transferred funds to Galaxy Digital. Meanwhile, a second whale with a smaller holding of 1,042 BTC, worth $123 million, also moved its assets after a period of six years of inactivity [1]. Analysts suggest that such activity, while potentially contributing to short-term volatility in Bitcoin, is a sign of a maturing market where new buyers are stepping in to absorb the sell pressure [1].

Ethereum’s recent price action has been influenced by both institutional and retail investor behavior. While spot Ethereum ETFs have experienced significant outflows, totaling $626.3 million in the week leading up to the whale's move, large-scale investors continue to accumulate [5]. X user Ali Martinez noted that investors holding between 10,000 and 100,000 ETH purchased 400,000 tokens during the latest dip, valued at over $1.7 billion [3]. This accumulation has brought their total holdings to nearly 30 billion tokens, representing about 25% of the circulating supply, a move that could further reduce market supply and support a price rebound.

Looking ahead, Ethereum faces both risks and opportunities. While current price levels remain below its 2021 all-time high of $4,878, some analysts believe it could soon reclaim that level. For instance, X user CryptoGoos argues that Ethereum’s “supertrend is holding steady” and predicts a potential rally above $6,000 in the coming weeks [3]. Tom Lee, chairman of BitMine Immersion Technologies, described the recent pullback as a “minor correction” and remains bullish on the long-term outlook for ETH, though he expects a short-term dip below $4,100 [3].

Source:

[1] Bitcoin Whale Shifts to ETH With $295 Million Long Position (https://cointelegraph.com/news/bitcoin-whale-dumps-btc-for-295m-eth-long-position)

[2] Bitcoin Whale Shifts $76M to Ethereum Following All-Time ... (https://coincentral.com/bitcoin-whale-shifts-76m-to-ethereum-following-all-time-highs/)

[3] Ethereum Whales Unfazed by the Correction (https://cryptopotato.com/ethereum-whales-unfazed-by-the-correction-heres-how-much-they-bought/)

[4] Bitcoin OG sells 670 BTC and opens 68130 ETH longs on ... (https://blockchain.news/flashnews/bitcoin-og-sells-670-btc-and-opens-68-130-eth-longs-on-hyperliquid-worth-295-million-usd)

[5] Ethereum ETFs Lose $197 Million—Even Worse Than Bitcoin ... (https://finance.yahoo.com/news/ethereum-etfs-lose-197-million-152531921.html)

[6] Spot ethereum ETFs' outflows on pace for highest ever (https://sherwood.news/crypto/spot-ethereum-etfs-outflows-on-pace-for-highest-ever/)

[7] Bitcoin, Ether ETFs post almost $1B outflows as prices slide (https://cointelegraph.com/news/crypto-funds-bleed-bitcoin-outflows-surge-5x-ether-outflows-double)