$11 Billion Bitcoin Whale Bets on Market Recovery with Major Long Positions
- The whale, holding $11 billion in assets, opened three leveraged long positions totaling $748 million after cashing out $330 million in Ether.
- The largest position is a long on ETH worth $598 million, initiated at $3,147, with liquidation risk below $2,143.
- Despite facing about $49 million in unrealized losses, the whale is positioning for a rally in Bitcoin, Ethereum, and Solana.
- Other crypto whales increased their acquisition of ETH by over 1.6 times last week, totaling $7.43 million across multiple wallets.
- “Smart money” traders remain net short on Ether and Bitcoin, with cumulative shorts of $121 million and $192 million respectively.
The actions of this significant whale suggest a potential market recovery as they bet on price increases for leading cryptocurrencies while managing substantial unrealized losses. Increased acquisitions by other large investors indicate growing confidence in the market.
With the whale’s recent moves and the increase in ETH acquisitions, the current market dynamics are shifting despite ongoing bearish sentiment from smart money traders.(Source)
