The $11 billion Bitcoin whale who correctly predicted the $19 billion October market crash is betting on the price appreciation of the top cryptocurrencies, signaling a potential market recovery.
After cashing out $330 million in Ether (), the whale opened three leveraged long positions worth a cumulative $748 million, betting on price increases of Bitcoin (), Ether and Solana ().
The largest is an ETH long position worth $598 million, opened at $3,147, which faces liquidation if Ether’s price falls below $2,143, to blockchain data platform Lookonchain’s Tuesday X post.
Based on their recent transaction patterns, the whale is positioning for a short-term rally in the three leading cryptocurrencies while continuing to run leveraged positions despite facing about $49 million in unrealized losses.
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The emerged in August and worth of BTC into ETH, briefly surpassing the second-largest corporate , in terms of total ETH holdings, Cointelegraph reported on Sept. 1.
The started rotating funds into Ether on Aug. 21 by selling $2.59 billion of BTC for a $2.2 billion spot ETH and a $577 million Ether perpetual long position, inspiring nine “massive” whale addresses to acquire a cumulative of ETH within a day.
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Other crypto whales have also been increasing their spot Ether acquisitions, signaling more confidence from large investors, a key cohort for driving price momentum.
Crypto whales increased their Ether acquisition rate by 1.6-fold during the past week, amassing $7.43 million spot ETH across 19 wallets, according to crypto intelligence platform .
Still, the industry’s most successful traders by returns, tracked as “smart money” traders on Nansen, continue betting on Ether’s price decline.
Smart money traders were net short on Ether for a cumulative $121 million, with $6.5 million in long positions added during the past 24 hours, according to .
Smart money traders were also net short on Bitcoin for a cumulative $192 million and on Solana for $74 million.
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