Ethereum Whale Bets Big: Sells Bitcoin for Leveraged ETH Positions

A prominent figure in the cryptocurrency market has taken a surprising step, selling significant portions of their Bitcoin holdings to invest heavily in Ethereum. On-chain data from Lookonchain reveals that this long-term Bitcoin holder, known for holding thousands of coins since 2016, unloaded 670 BTC worth $76 million in a move that signals a shift in investment strategy. The whale is now leveraging their ETH holdings, opening four separate positions on Ethereum totaling 68,130 tokens. Three of these positions were placed on 10x leverage, while the remaining allocation on 2,449 ETH was taken on 3x leverage.