Bitcoin Whale Invests $748 Million in Major Cryptocurrencies

Bitcoin Whale Bets on Cryptocurrency Landscape

A Bitcoin whale, valued at $11 billion, is wagering hundreds of millions of dollars on the price increase of Bitcoin, Ether, and Solana, as "smart" traders continue to short these leading tokens. After liquidating $330 million from Ether (ETH), the whale opened three leveraged long positions totaling $748 million, betting on the rise of Bitcoin (BTC), Ether, and Solana (SOL). The largest position is a long ETH worth $598 million, opened at $3,147, which risks liquidation if the price of Ether falls below $2,143, according to data from the blockchain platform Lookonchain.

The whale began rotating its funds into Ether on August 21 by selling $2.59 billion in BTC for $2.2 billion in ETH and a perpetual long Ether position of $577 million. This move inspired nine "large" whale addresses to collectively purchase $456 million in ETH in a single day, immediately following the whale's initial rotation.

While other crypto whales have increased their Ether holdings, signaling greater confidence from large investors, the so-called "smart" traders continue to bet on a decline in the price of Ether. They have taken net short positions on Ether totaling $121 million, while adding long positions worth $6.5 million in the last 24 hours.