Whale Experiencing a Collapse in Bitcoin Turns to Ethereum

Recently, significant developments have been taking place in the cryptocurrency market. The famous trader #BitcoinOG (1011short) closed his Bitcoin (BTC) positions, incurring a loss of approximately $1.3 million. This investor has decided to redirect all his assets to Ethereum (ETH).

According to data shared by the on-chain analysis platform Lookonchain, this trader, who had recently increased his long positions in both Bitcoin and Ethereum, has now completely transitioned to Ethereum. He currently holds an open position of 40,000 Ethereum (approximately $138 million), and the liquidation price of these positions is shown as $2,532.81.

A few days ago, the same wallet was recorded to have deposited $20 million worth of USDC into the HyperLiquid exchange, expanding its leveraged positions. At that time, the investor held positions of 600 Bitcoin (worth $60.9 million) and 13,000 Ethereum (worth $43 million), and his latest move indicates that he completely closed his Bitcoin side and transferred all his risk to Ethereum.

This trader’s move has reignited discussions about the short-term direction of the market. Especially as Ethereum has been trying to hold above $3,000 recently, such a large long position suggests that the trader has strong bullish expectations for Ethereum. Investors should closely monitor how this situation will affect the market and the price movements of other cryptocurrencies.