Bitcoin (BTC), Ethereum (ETH), and altcoins have all seen a major correction in recent weeks. This correction saw some investors buying low while a giant whale sold after a long period.
A major Bitcoin whale, who has been described as having “diamond hands,” a pattern used in the cryptocurrency market because he hasn’t sold for a long time, has sold BTC.
According to Lookonchain’s post, the whale sold Bitcoin it purchased from Binance and HTX cryptocurrency exchanges seven years ago. Accordingly, a whale holding 14,837 BTC (worth $1.69 billion) sold 670.1 BTC (worth $76 million) today.
The whale then used the sold BTC to open a long position in Ethereum. The whale opened a large long position worth 68,130 ETH (worth $295 million).
According to Lookonchain data, the whale opened ETH long positions across four wallets at around $4,300, with the majority of them opened with 10x leverage.
While this whale sold Bitcoinb and opened a long position on Ethereum, three other whales panic-sold during the drop. They sold 17,972 ETH (worth $77.4 million), 13,521 ETH (worth $57.72 million), and 3,003 ETH (worth $12.89 million), respectively.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/the-diamond-handed-giant-whale-unwounds-his-7-year-bitcoin-stash-he-sold-btc-and-opened-a-long-position-in-this-altcoin/