$392.5 Million ETH Long: Bitcoin OG Places Monster Bet on Ethereum

According to Lookonchain, a Bitcoin OG is going massively long on Ethereum, the second-largest cryptocurrency by market cap, and even increasing his bullish bet on the cryptocurrency.

The long-time Bitcoin holder who has previously held an Ethereum long position is now seen increasing it.

According to Lookonchain, BitcoinOG (1011short) keeps adding more to his ETH long, increasing his position to 120,094 ETH. His liquidation price is at $2,234.69, which is still far from the current ETH price of $3,193.

This is in line with the recent accumulation stint seen among large ETH holders. According to Lookonchain, Tom Lee’s Bitmine just bought another 33,504 ETH worth $112.06 million over the past six hours.

Ethereum buyers returning

According to CryptoQuant, Ethereum Taker Flows on Binance are showing signs of recovery, suggesting that taker buyers are returning. Net Taker Volume tracks the balance between aggressive buyers and sellers and is at -$138 million, but that is a clear improvement from the -$500 million seen in late October.

The recent move upward in Net Taker Volume shows that taker buyers are returning. Although the value still remains negative, its improvement might open the pathway to upward price momentum.

At press time, ETH was trading down 3.33% in the last 24 hours to $3,203, as the broader crypto market trades in the red as investors took profits following Fed’s interest rate decision.

Despite this, Ethereum taker activity has changed, and buyer-driven orders are gaining ground.

Analysts highlight two major support walls for Ethereum (ETH): $3,150 with 2.8 million tokens accumulated, and $2,800 with 3.6 million tokens accumulated.

Ethereum adds network improvements

The recent Fusaka upgrade set the foundation for ongoing network growth. PeerDAS (EIP-7594), in the upgrade, unlocks up to 8x data throughput, giving rollups cheaper blob fees and more space to grow.

BPO-1 was activated yesterday, raising blob capacity to 15 per block and increasing space on Ethereum for L2s without needing a hard fork. BPO-2, which will further increase capacity, comes online in January.