The Bitcoin whale "woke up" after seven years and bought Ethereum for $270 million

The investor acquired 62,914 ETH (~$270 million) on the spot market and opened a long position on 135,265 ETH (~$580 million) on futures. To do this, he disposed of part of 100,784 BTC that he received seven years ago from the exchanges H.X and Bi..nce.

Experts suggested that this is part of a unified strategy by one person or organization controlling multiple wallets. On August 21, they recorded a similar operation: a "sleeping" bitcoin whale from 2018 sold 670 BTC (~$76 million) and acquired 68,130 ETH (~$295 million).

Later, a crypto analyst under the pseudonym MLM noted that the user deposited another 1000 BTC (~$113 million) on the Hype..iquid exchange. Instead of opening another long position through futures, he bought Ethereum "on the spot."

The total amount of funds associated with presumably the same investor is estimated at 83,585 BTC (~$9.45 billion). The funds are distributed across six addresses in the Bitcoin and Ethereum networks.

Community Reaction

Users regarded the actions of the whale as a positive signal for Ethereum. A crypto enthusiast under the nickname Nomad replied to Lookonchain's tweet, stating that it "looks like the end of the bull run for the first cryptocurrency."
An investor under the pseudonym Crypto Joe expressed optimism regarding the prospects of Ethereum, noting the large number of purchases of the crypto asset by whales.
Positive sentiment around the second-largest cryptocurrency by market capitalization is indicated by the continuing inflows into ETFs based on the coin. On August 21, $287.61 million flowed into exchange-traded funds.

Earlier, Arthur Hayes announced the purchase of Ethereum. He predicted the coin's growth to $20,000 within the current cycle.

In the last 30 days, the asset's price has risen by 10.7%. On August 13, the rate tested the mark of $4700, approaching the historical maximum of $4878 ( according to CoinGecko).