Two new wallets sold 72 BTC worth $4.66 million before opening a 20x leveraged long position in Ethereum totaling 12,000 ETH, roughly $22.4 million. The move reflects a shift by this whale from Bitcoin to Ethereum amid ETH's recent price resilience.
Ethereum Price and Whale Activity
Ethereum has hovered near $1,800, recently rebounding to $1,876. At the time of reporting, ETH traded around $1,866, marking a 1.7% daily gain. The whale's leveraged position is currently profitable by about $275,000 despite incurring $5,800 in funding fees. This suggests confidence in ETH's short-term upward momentum compared to BTC.
Market Trends and Derivatives Data
Derivative markets show increased bullish sentiment for Ethereum. The Derivatives Taker Buy-sell Ratio has remained above 1 for two days, indicating more buy orders executed on derivatives exchanges. Futures positions saw a net inflow of $351.1 million over 24 hours, a 213% increase, with a Long/Short Ratio averaging 2 on Binance, signaling a dominant long bias among traders.
Technical indicators support this optimism. Ethereum's True Strength Index rose to 15, reflecting strengthening bullish momentum. The Momentum Adjusted Moving Average places ETH above the MaMa level of $1,848 and the Positive Feedback Band at $1,875. Maintaining above these levels could push ETH past $1,900 and sustain the uptrend.
- 72 BTC sold for $4.66 million
- 20x long on 12,000 ETH valued at $22.4 million
- ETH price near $1,866 with 1.7% daily gain
- Derivatives net inflow of $351.1 million
- Long/Short Ratio around 2 on Binance
This material is for informational purposes only and does not constitute financial advice.
