On-chain analytics platform Lookonchain has drawn attention to a 7-year-old Bitcoin whale who is betting big on Ethereum. This comes amid a crypto market pullback, which has seen ETH and BTC record significant losses.
Bitcoin Whale Sells $76 Million To Buy Ethereum
In an X post, Lookonchain revealed that a Bitcoin OG, which is holding 14,837 BTC ($1.69 billion), had sold 670.1 BTC ($76 million) and opened long positions of 68,130 ETH ($295 million). The whale made this move by depositing the $76 million BTC to Hyperliquid and selling it off before going long on ETH across four wallets, totaling 68,130 ETH.
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This Bitcoin whale received 14,837 BTC seven years ago, which was worth $107.5 million back then, from HTX and Binance when Bitcoin was trading at $7,242. With this recent move, there is the possibility that the whale is now turning their attention to Ethereum, as the investor anticipates a massive move from the largest altcoin by market cap.
Furthermore, in another X post, Lookonchain revealed that the Bitcoin whale tried to play it safe on their Ethereum investment as they began closing the long positions and switched to buy spot ETH. In the process, the whale deposited another 1,000 BTC ($113.95 million) to Hyperliquid to buy ETH and bought 19,794 ETH ($85 million)
Meanwhile, the Bitcoin OG also moved to trade Ethereum using leverage again and therefore proceeded to create a new wallet and deposited $20 million USDC to go long on ETH with 6x leverage. This brought the whale’s total holdings to 78,265 ETH ($334 million) across five wallets.
More Ethereum Buys From The Bitcoin OG
The Bitcoin investor has continued to double down on their conviction in Ethereum. The whale has now sold 3,142 BTC ($356.47 million) over the last two days and has bought 55,039 ETH ($237 million) through spot trading and opened a 135,265 ETH ($577 million) long position. Hyperliquid data shows that three out of the five long positions are currently in profit. The largest of them is an unrealized gain of over $2 million.
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Lookonchain spotted another Bitcoin OG who deposited BTC into Hyperliquid to sell and buy ETH. On-chain data shows that this whale received 85,947 BTC ($547 million) seven years ago, similar to the earlier Bitcoin OG. Based on this, the on-chain analytics platform opined that it is likely the same whale. Another whale also recently created a new wallet and withdrew 11,950 ETH ($51.32 million) from Binance.
At the time of writing, the Ethereum price is trading at around $4,280, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com