'Whale holding Bitcoin for 7 years'... Opens $300 million Ethereum long position
Summary
- A whale who had held Bitcoin for seven years reportedly recently sold 550 BTC and then opened an Ethereum long position worth $282 million.
- On-chain analysts and media said that the whale's portfolio switch occurred as the Bitcoin price was falling and hit its lowest point in two weeks.
- Ryan Lee, Chief Analyst at Bitget, interpreted this as a signal that market anxiety is growing ahead of the Jackson Hole Meeting.
A whale (large investor) who had held Bitcoin (BTC) for seven years sold their holdings and opened a large Ethereum (BTC) long position.
According to on-chain analyst MLM on the 20th (local time), the whale who had held Bitcoin for seven years sold 550 BTC that day and then opened an Ethereum long position worth $282 million through three separate accounts. MLM commented, "The execution process seems sloppy and rushed," adding, "(The whale) may have obtained inside bullish information or simply gambled."
This whale reportedly sold the Bitcoin they had held for seven years as the price downturn intensified. Cointelegraph reported that "(The whale's) portfolio switch happened as Bitcoin dropped near $112,000, the lowest in two weeks." Ryan Lee, Chief Analyst at Bitget, stated, "Ahead of the Jackson Hole Meeting on the 22nd, this is a sign that market anxiety is growing."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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