The $11 billion Bitcoin whale, which accurately predicted October's $19 billion market crash, is betting on the worth rise of the highest cryptocurrencies, signaling a possible market recovery.
After cashing out $330 million in Ether (ETH), the whale opened three leveraged long positions totaling $748 million, betting on price increases in Bitcoin (BTC), Ether, and Solana (SOL).
The largest is a $598 million ETH long position opened at $3,147 that can must be liquidated if the worth of Ether falls below $2,143, based on blockchain data platform Lookonchain's Tuesday X post.
Based on recent trading patterns, the whale is preparing for a short-term rally within the three leading cryptocurrencies and continues to operate leveraged positions despite facing around $49 million in unrealized losses.
Source: Lookonchain
The $11 billion Bitcoin whale emerged in August and exchanged around $5 billion value of BTC for ETH, briefly surpassing the second-largest corporate treasury firm Sharplink when it comes to total ETH holdings, as Cointelegraph reported on September 1.
Bitcoin whales began shifting funds into Ether on August 21, selling $2.59 billion value of BTC for $2.2 billion value of spot ETH and a $577 million value of perpetual long position in Ether, inspiring nine “massive” whale addresses to buy a complete of $456 million value of ETH in at some point.
Whales increase ETH buying, but smart money traders are still wanting $122 million
Other crypto whales have also increased their spot purchases of Ether, indicating more confidence amongst large investors, a key group driving price momentum.
According to crypto intelligence platform Nansen, crypto whales increased their Ether acquisition rate by 1.6x up to now week, accumulating $7.43 million in spot ETH in 19 wallets.
ETH/USD, one-day chart, token god mode. Source: nansen.ai
Nevertheless, essentially the most successful traders within the industry when it comes to returns, who’re considered “smart money” traders by Nansen, proceed to bet on the decline in the worth of Ether.
According to Nansen, smart money traders recorded net short positions in Ether totaling $121 million, with $6.5 million in long positions added within the last 24 hours.
Smart money traders lead perpetual futures positions on hyperliquid. Source: Nansen
Smart money traders also had net shorts on Bitcoin totaling $192 million and Solana totaling $74 million.
