In brief
- A long-dormant Bitcoin whale, inactive for seven years, has reawakened to sell a portion of its Bitcoin holdings.
- The investor used the proceeds to open massive leveraged long positions on Ethereum, a move experts view as a strategic bet on ETH’s future growth.
- This rare transfer could increase market volatility, but analysts believe the current mature market is better equipped to absorb such large-scale events than in the past.
A long-dormant OG Bitcoin whale has opted to swap a portion of their holdings to open leveraged long positions on Ethereum.
The whale held 14,837 BTC worth $1.67 billion for more than seven years without a transaction until today.
On August 21, the dormant whale moved roughly 670 BTC, worth $75 million at current prices, and split it among four wallets to open leveraged long positions on Ethereum. This signals a major asset rotation with clear bullish sentiment for the second-largest token by market capitalization.
At the time of writing, ETH is changing hands for $4,296.25 after having gained 4.1% in the past day. It’s still 6.4% down from last
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Author: Akash Girimath
