A crypto whale, who held Bitcoin for seven years, has sold part of their stash to open long positions in Ether. This action is part of a broader trend among large Bitcoin holders.
Sale of Bitcoin and Opening of Long Ether Positions
The whale sold 670 Bitcoin for $76 million and used those funds to open long positions totaling 68,130 Ether. This was reported by Lookonchain. Before the sale, the whale held 14,837 Bitcoin worth over $1.6 billion, acquired over the last seven years from exchanges Binance and HTX.
Ether Market Reaction After Purchase
The whale opened their Ether positions around the $4,300 mark. However, after opening these positions, Ether's price dropped to $4,080, resulting in losses for the majority, just $300 away from liquidation levels. In the last 24 hours, Ether's price rose 2.9%, trading at $4,287.
Institutional Interest in Ether
Institutions are also actively investing in Ether. Following the market dip, a group of whales sold a total of 17,972, 13,521, and 3,003 Ether, but others were there to buy, including two institution-linked wallets that accumulated 9,044 Ether each, worth $38 million.
The sale of Bitcoin and growing interest in Ether indicate the volatility of the cryptocurrency market. The behavior of whales and institutional investors may serve as indicators of stability and market maturation.
