$11B Bitcoin whale bets big on ETH upside, scoops up $108M spot Ether

The whale locked in $33 million worth of profit from Ether long opened last week, after selling $2.6 billion worth of Bitcoin held for over seven years.

A multi-billionaire Bitcoin whale is closing his recently opened Ether long positions and buying hundreds of millions worth of spot Ether, signaling that big investors are expecting more upside from the world’s second-largest cryptocurrency.

Last week, a Bitcoin whale worth over $11 billion sold 22,769 Bitcoin (BTC) worth $2.59 billion, rotating the funds into 472,920 spot Ether (ETH) or $2.2 billion and a $577 million Ether perpetual long position on the decentralized exchange Hyperliquid, Cointelegraph reported.

On Monday, the whale closed $450 million worth of his perpetual long position at an average Ether price of $4,735, to lock in $33 million worth of profit, before acquiring another $108 million worth of spot Ether, according to blockchain intelligence platform Lookonchain.

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