$11b Bitcoin Whale Sells $330m Eth, Opens Massive $748m Longs In...

An $11 billion Bitcoin whale is betting hundreds of millions of dollars on price increases of Bitcoin, Ether and Solana, while "smart money" traders remain net short on leading tokens.

The $11 billion Bitcoin whale who correctly predicted the $19 billion October market crash is betting on the price appreciation of the top cryptocurrencies, signaling a potential market recovery.

After cashing out $330 million in Ether (ETH), the whale opened three leveraged long positions worth a cumulative $748 million, betting on price increases of Bitcoin (BTC), Ether and Solana (SOL).

The largest is an ETH long position worth $598 million, opened at $3,147, which faces liquidation if Ether’s price falls below $2,143, according to blockchain data platform Lookonchain’s Tuesday X post.

Based on their recent transaction patterns, the whale is positioning for a short-term rally in the three leading cryptocurrencies while continuing to run leveraged positions despite facing about $49 million in unrealized losses.

Related: BitMine locks up $1B in Ether as big corporates stake ETH for yield

The $11 billion Bitcoin whale emerged in August and rotated around $5 billion worth of BTC into ETH, briefly surpassing the second-largest corporate treasury firm, Sharplink, in terms of total ETH holdings, Cointelegraph reported on Sept. 1.

The Bitcoin whale started rotating funds into Ether on Aug. 21 by selling $2.59 billion of BTC for a $2.2 billion spot ETH and a $577 million Ether perpetual long position, inspiring nine “massive” whale addresses to acquire a cumulative $456 million worth of ETH within a day.

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Other crypto whales have also been increasing their spot Ether acquisitions, signaling more confidence from large investors, a key cohort for driving price momentum.

Source: CoinTelegraph