A multi-billionaire Bitcoin Whale closes its recently opened ether’s long position and purchase hundreds of million worth of Ether area, which signed that large investors are expecting more reversed from the second largest cryptocurrency in the world.
Last week, a Worth the whale of bitcoin More than $ 11 billion sold 22,769 Bitcoin (Btc) costs $ 2.59 billion, funds rotate with 472,920 spots ether (Eth) or $ 2.2 billion and a $ 577 million ether eternal Decentralized exchange Hyperliquid, cointelegraph reported.
On Monday, the whale closed a $ 450 million worth of its eternal position at an average ether price of $ 4,735, to lock the $ 33 million worth of income, before winning another $ 108 million worth of Ether area, according to Blockchain Intelligence Platform The lookonchain.
“He still holds 40,212 $ ET ($ 184m), with unstoppable income of $ 11m+,” Lookonchain added on a Monday x Post.
Cryptocurrency entrepreneurs often monitor large whale movements to measure short -term market trends.
Whale demand for Ether increased in the last month, as Ether prices rose almost 25%, exceeding 5.3% Bitcoin’s decline over the last 30 days, tradingview data was displayed.
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Analyst with Willy Woo pointed to the waist of this whale as the main reason behind the fall of Bitcoin last week at $ 112,000.
On Sunday, Bitcoin fell nearly 2.2% from $ 114,666 to 7:31 PM UTC to $ 112,546 to nine minutes before dropping $ 112,174 at 8:16 pm UTC.
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Ether can target $ 5.2k in the middle of Bitcoin’s crab walk: Bitget CEO
While Bitcoin may see a shortage of momentum over the next two weeks, it can enable investor capital to flow to the ether, which signed a new potential all time high, according to Gracy Chen, CEO of Bitget, the sixth largest cryptocurrency exchange through daily trade volume.
“The Ethereum rally has passed the $ 4,300 signal of stable ecosystem demand and the potential start of an Altcoin period,” Chen told cointelegraph, added:
“Bitcoin is expected to trade at $ 110,000- $ 120,000 range in the next one to two weeks, while Ethereum looks stronger, with targets between $ 4,600 and $ 5,200.”
Chen called Federal Reserve Chair Jerome Powell “unexpected comments” of a “major catalyst” to boost the risk of crypto investors.
“On-chain data shows the capital rotation of the capital conducted, with whales selling bitcoin to increase exposure to Ethereum, further accelerating ETH momentum,” he said.
Chen’s comments came shortly after Powell’s speech at the annual Central Bank Symposium at the Jackson Hole on Friday, where he indicated that Interest rate cuts will continue in September.
https://www.youtube.com/watch?v=4n4Pznl8Syw
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