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Whale Bitcoin holding for 7 years sells 76 million dollars to buy Ether
An experienced Bitcoin whale, holding BTC for over seven years, just sold 670 BTC (76 million USD) to open a long position of 68.130 ETH, according to Lookonchain. Previously, this wallet held 14,837 BTC worth over 1.6 billion USD. The positions were opened around the level of 4,300 USD/ETH, mostly with 10x leverage. However, after the trade, ETH fell to 4,080 USD, causing three positions to incur losses, close to the liquidation threshold. Currently, ETH has bounced back to 4,287 USD, up 2.9% in the past 24 hours.
While some whales panic sell, institutions are actively accumulating. Two organization-related wallets have purchased a total of 18,088 ETH worth 76 million USD, while BitMine Immersion Technologies added 52,475 ETH, increasing their holdings to 1.52 million ETH (6.6 billion USD). At the same time, some long-time Bitcoin whales have also begun to move large amounts of BTC, reflecting new movements in the maturing stage of the market.