A long-time Bitcoin whale sold 670 BTC (~$76M) and used proceeds to open four leveraged Ether longs totaling 68,130 ETH, signaling a rotation from BTC to ETH among large holders and institutions amid recent all-time highs for both tokens.
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Whale sold 670 BTC and bought 68,130 ETH on margin.
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Most ETH positions opened near $4,300 with up to 10x leverage.
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Institutions and other whales also accumulated ETH; on-chain trackers reported additional big buys.
Bitcoin whale sells BTC to buy Ether: analysis of the $76M trade, leveraged ETH positions and institutional accumulation — read COINOTAG’s report.
The whale had 14,837 Bitcoin worth over $1.6 billion, dating back to purchases from crypto exchanges Binance and HTX over seven years ago.
A major Bitcoin whale who has diamond-handed Bitcoin for the last seven years has sold off some of its bag to open a long position in Ether, joining a recent wave of Bitcoin whales opening up to Ethereum.
The OG whale sold 670 Bitcoin (BTC) for $76 million on Wednesday, then used those funds to go long across four positions, totaling 68,130 (ETH), Lookonchain reported on X on Thursday.
Source: Lookonchain
What did the Bitcoin whale do and why does it matter?
The Bitcoin whale sold 670 BTC and redeployed proceeds into four leveraged Ether longs. This trade matters because it shows large holders reallocating capital from BTC to ETH amid strong price momentum for both assets.
How were the Ether positions structured?
All four ETH positions were opened around $4,300, with the bulk on 10x leverage and a smaller position of 2,449 ETH on 3x leverage, according to on-chain monitoring reports. Short-term price swings pushed ETH down to about $4,080, placing three positions near liquidation thresholds.
How did market moves affect the whale’s positions?
After opening the ETH positions, Ether retraced and hit a low near $4,080, putting several leveraged positions into the red and within a few hundred dollars of liquidation prices around $3,699–$3,732.
Who else was active during the move?
Other whales reportedly panic-sold tens of thousands of ETH during a market dip, while two institution-linked wallets accumulated roughly 9,044 ETH each. BitMine Immersion Technologies also added 52,475 ETH to its treasury, increasing institutional ETH holdings.
When did other old whales move BTC recently?
In July, a Satoshi-era whale moved 80,201 BTC to Galaxy Digital after 14 years of dormancy, and another whale transferred 1,042 BTC after six years inactive. Analyst commentary from Willy Woo and industry conversations noted steady selling by whales with 10,000+ BTC since 2017.
Frequently Asked Questions
How many Bitcoin did the whale hold before selling?
The whale held 14,837 BTC (approx. $1.6 billion) accumulated over seven years from exchanges including Binance and HTX before selling a portion to fund ETH positions.
What leverage did the whale use on ETH longs?
Most of the ETH exposure was opened at 10x leverage, with one position opened at 3x leverage, increasing both potential gains and liquidation risk.
Key Takeaways
- Reallocation: A long-time Bitcoin whale sold 670 BTC to open large leveraged ETH positions, signaling capital rotation.
- Leverage risk: Positions near $4,300 with up to 10x leverage briefly approached liquidation as ETH dipped to ~$4,080.
- Institutional interest: Multiple institution-linked wallets and a public company increased ETH holdings, indicating broader demand.
Source: Lookonchain
Conclusion
Bitcoin whale activity shows rotation into Ether as large holders test ETH exposure with leveraged positions. On-chain data from Lookonchain, market prices from CoinGecko and public company treasury moves suggest increased institutional stacking of ETH. Monitor leverage and liquidation levels as the market digests these reallocations; COINOTAG will update as new on-chain evidence appears.
