TL;DR:
- A veteran Bitcoin holder, known as “BitcoinOG (1011short)”, has drastically increased his ETH position.
- The Bitcoin whale long Ethereum position has reached 120,094 ETH, valued at approximately $392.5 million.
- Despite the magnitude of the bet, the position’s liquidation price remains relatively safe at $2,234.69.
In the crypto market, loyalty is not always absolute, especially when it comes to the pioneer cryptocurrency. On this occasion, a Bitcoin holder, known On-Chain as BitcoinOG (1011short), made a bold move in the derivatives market, doubling his already considerable bullish bet on Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
The on-chain analysis platform Lookonchain revealed that this whale continually added more ETH to his position. The magnitude of the operation is impressive: the long position has grown to reach 120,094 ETH. With the current price of Ethereum (approximately $3,193 at the time of the report), the total bet stands at a robust $392.5 million.
Why is a BTC Whale Betting So Strongly on ETH?
This move indicates a strong conviction in Ethereum’s short and medium-term growth potential, especially as the market stabilizes. Generally, after major adoption events or Bitcoin’s consolidation phases, attention and capital often shift toward the Ethereum ecosystem.
The decision by an investor with a BTC background to place an Ethereum long position of such a size can be interpreted as a signal that ETH might be about to enter a phase of superior performance.
Risk management is the key factor in this operation. Despite the “monstrous” nature of the bet, Lookonchain indicates that the trader’s liquidation price is at $2,234.69. Considering that the current price of ETH is above $3,193, the liquidation point is far enough away to offer a considerable safety margin against sudden market drops.
In summary, these types of high-profile bets are often indicators of sentiment among large capital. The massive operation demonstrates institutional or “smart money” confidence that Ethereum’s fundamentals—its dominance in the DeFi sector, NFTs, and upcoming technological evolution—are prepared to significantly boost the price upward.
