Bitcoin Whale Sells $76M in BTC to Open $334M ETH Long Positions
An established Bitcoin whale has sold $76 million worth of BTC to open leveraged long positions on Ethereum, indicating a shift in capital from Bitcoin to altcoins. Key points include:
- The whale sold 670.1 BTC and opened long positions totaling 68,130 ETH valued at $295 million.
- This wallet received 14,837 BTC from Binance and HTX seven years ago, initially worth $107.5 million, now approximately $1.69 billion.
- He has further invested $20 million USDC from BTC sales into a 6x-leveraged long position on Ethereum.
- Current holdings are 78,265 ETH across five wallets, worth $334 million.
Market indicators suggest an approaching altseason, including the Bitcoin Dominance Index (BTC.D) dropping below its 50-week moving average, currently at 59.49%. Institutional investors are shifting focus toward Ethereum, exemplified by BitMine becoming the largest ETH treasury with $6.6 billion in holdings.
Increased Wall Street capital flow towards Ethereum ETFs and rising interest in privacy coins further supports this trend.
