Many Bitcoin Zilla have closed its recently opened ether long position and have bought hundreds of millions of worth of spot ether, indicating that large investors are expecting more benefits from the world’s second largest cryptocurrency.
Last week, over $11 billion of Bitcoin Zilla sold $25.9 billion worth of 22,769 Bitcoin (BTC), splitting its funds into permanent long positions of 472,920 spot ether (ETH) or $2.2 billion and $577 million ether, rotating a permanent long position of $577 million ether in a decentralized exchange exchange.
On Monday, the whales closed their permanent long position at an average ether price of $4,735, locking profits worth $33 million on profits on average.
“He still holds a long of $40,212 ETH ($100 million) and has more than $11 million unrealized profits,” added LookonChain to Monday’s X-Post.
sauce: Lookonchain
Cryptocurrency traders often track the movement of large whales and measure short-term market trends.
ETH vs BTC, one month chart. Source: CointeLegraph/TradingView
Whale demand for ether has increased over the past month as Ether prices rose almost 25% and Bitcoin’s 5.3% decline in the last 30 days.
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Analysts, including Willie Wu, point to the rotation of these whales towards $112,000 as the main reason behind Bitcoin last week.
On Sunday, Bitcoin fell nearly 2.2% to $112,546 in nine minutes from UTC’s $114,666 at 7:31pm, bottoming at $112,174 at 8:16pm.
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Ether can target $5.2K in Bitcoin’s Crab Walk: Bitget CEO
Bitcoin may be seeing a lack of momentum over the next two weeks, but investors’ capital could potentially flow into the ether, marking the new, potentially highest ever high, according to Gracy Chen, CEO of Bitget, the world’s sixth largest cryptocurrency exchange by daily trading volume.
“The Ethereum rally will signal the demand for robust ecosystems and the potential onset of the Altcoin season,” Chen told Cointelegraph, adding:
“Bitcoin is expected to trade in the $110,000-120,000 range over the next 1-2 weeks, but Ethereum looks stronger, with a target of $4,600 to $5,200.”
Chen called the “unexpected dovish comments” by Federal Reserve Chair Jerome Powell and called it a “critical catalyst” to increase risk appetite among crypto investors.
“On-chain data shows that we are ongoing capital turnover, selling Bitcoin to increase Ethereum exposure and selling Bitcoin to further accelerate ETH momentum,” she said.
Chen’s comments came shortly after Powell’s speech at the annual Central Bank Symposium held at Jackson Hole on Friday.
https://www.youtube.com/watch?v=4n4pznl8syw
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