Anonymous whale buys Ethereum after large-scale Bitcoin selloff

Uk Jin

Summary

A whale who had held a large amount of Bitcoin (BTC) for a long term reportedly sold 18,142 Bitcoins and used the proceeds to acquire Ethereum (ETH).
This whale has already acquired about 416,600 Ethereum and has also opened 135,263 Ethereum perpetual futures long positions.
Recently, while Bitcoin has shown a bearish trend, Ethereum has continued its upward trend since Jackson Hole, setting new all-time highs.

It has been revealed that a whale, who had been holding a large quantity of Bitcoin (BTC) for a long period, has disposed of most of their holdings. As Ethereum (ETH), the leading altcoin, and Bitcoin, the leading cryptocurrency, have shown different trends since Jackson Hole, this seems to be influencing the investment strategies of whales.

According to on-chain analyst MLM on the 25th (Korean time), an ancient whale recently sold 18,142 Bitcoins for $2,040,000,000.

With the proceeds from this sale, the whale proceeded to purchase Ethereum. So far, approximately 416,600 ETH have been acquired and another 135,263 ETH perpetual futures long positions have been opened. Furthermore, about 275,500 ETH have already been committed to staking.

MLM commented, "This signals that the whale is attempting to convert all their Bitcoin into Ethereum."

Meanwhile, it has been reported that the whale is still in the process of selling 5,968 Bitcoins.

This behavior of the whale is analyzed to be in line with the price trends of Bitcoin and Ethereum. After the Jackson Hole meeting of the Fed, Bitcoin initially achieved a slight rebound but quickly returned to a downward trend. As of 7 AM today, Bitcoin was priced at $112,800, down 2.14% from the previous day.

Meanwhile, Ethereum has continued its upward momentum since Jackson Hole. From what was just $4,280, Ethereum surpassed the $4,800 mark, reaching a new all-time high. Notably, around 3:30 AM last night, it set a record high of $4,950.

BTC

ETH