Bitcoin whale opens $491 million Ether long position

Key Takeaways

• A Bitcoin whale initiated a $491 million long position in Ether.
• Market speculation suggests this move may reflect insider knowledge or strong bullish expectations for Ethereum.

A Bitcoin whale identified as Bitcoin OG 1011short opened a $491 million long position in Ether today, according to data tracked by Lookonchain.

The size of the position has sparked speculation in crypto markets about potential insider knowledge or market expectations driving the bullish bet on Ethereum’s native token.

The trader also took long positions in Bitcoin and Solana. The whale’s total long position now exceeds $614 million, and according to the latest update, he transferred 5,152 BTC worth approximately $477 million to a new wallet.

Over the past 24 hours, Ethereum’s price remained mostly flat, while Solana jumped nearly 6% and Bitcoin rose 2%, according to CoinGecko.