Ethereum News Today: Big BTC Whale Shifts $1.12B to Bet on Ethereum's Comeback

A major Bitcoin whale has executed a significant shift in its portfolio, selling 2,070 BTC to realize a $1.12 billion gain and subsequently purchasing 30,367 ETH. The whale also opened a long position of 78,000 ETH, signaling a strategic reallocation from Bitcoin to Ethereum [2]. The move followed a pattern observed in recent weeks, where several large Bitcoin holders have reduced their BTC holdings to invest in Ethereum or other altcoins. According to blockchain analytics firm Lookonchain, the whale had previously held 14,837 BTC for over seven years, with the position valued at over $1.6 billion. The BTC were originally acquired from exchanges Binance and HTX, indicating a long-term accumulation strategy before the recent sale [2]. The whale’s decision to pivot to ETH aligns with broader market trends, as Ethereum has shown signs of strength following its recent dip below $4,094, with bulls attempting to reframe the level as support [1]. The Ethereum price has since stabilized and is currently trading at around $4,287 per token [2]. The whale’s long position in ETH is leveraged, with the majority of the 78,000 ETH held on 10x leverage, exposing the position to market volatility. The ETH price dropped below $4,300 shortly after the whale opened its long positions, pushing three of its positions into the red. If the price continues to decline, the positions are at risk of liquidation around the $3,699–$3,732 range [2]. Despite the recent volatility, Ethereum has historically exhibited resilience in the face of such whale activity, as the presence of institutional buyers has been noted. Two institution-linked wallets were observed accumulating 9,044 ETH each, while BitMine Immersion Technologies added 52,475 ETH to its treasury. These movements suggest that while retail whales are taking profits in BTC, institutional actors are stepping in to accumulate Ethereum [2]. In parallel, another whale—distinct from the Bitcoin whale—liquidated its entire ETH position nine days prior, realizing a $1.65 million profit. The funds were then used to purchase $4.776 million in LDO and ENA, with cost bases set at $1.47 and $0.69 respectively. This whale’s move highlights the growing interest in altcoins tied to Ethereum’s ecosystem, particularly those focused on liquid staking and synthetic assets [3]. The whale’s entry into LDO and ENA suggests confidence in Ethereum-based protocols amid ongoing network developments and a potential rebound in staking activity. Both tokens are positioned to benefit from increased adoption of liquid staking derivatives and synthetic dollar projects like Ethena’s USDe. The whale’s allocation—58.1% to LDO and 41.9% to ENA—reflects a diversified strategy targeting mid-cap altcoins with strong fundamentals and growth potential [3]. On-chain data further indicates that Ethereum’s market environment is becoming more mature, with whale activity being interpreted by analysts as a sign of market evolution rather than a bearish trend. While large holders have historically sold Bitcoin since 2017, recent inflows from institutional and retail buyers have offset these exits, maintaining upward pressure on ETH and other major cryptos [2]. The broader crypto market has been affected by Bitcoin’s recent decline below key support levels, triggering net outflows from BTC ETFs and dampening altcoin sentiment. However, the actions of these whales—selling BTC to go long ETH—indicate that some market participants believe Ethereum is undervalued relative to Bitcoin and may offer better returns in the near term [1]. Source: [1] Price Predictions 8-20 BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM (https://cointelegraph.com/news/price-predictions-8-20-btc-eth-xrp-bnb-sol-doge-ada-link-hype-xlm) [2] Bitcoin Whale Dumps BTC for $295M ETH Long Position (https://cointelegraph.com/news/bitcoin-whale-dumps-btc-for-295m-eth-long-position) [3] On-chain Whale Buys $4.776M USDC of LDO and ENA After $1.65M ETH Profit (https://blockchain.news/flashnews/on-chain-whale-buys-4-776m-usdc-of-ldo-and-ena-after-1-65m-eth-profit)