The major Bitcoin Zilla, who has held Diamond Hand Bitcoin for the past seven years, has sold a portion of the bag to open a long position in ether and has joined the recent wave of Bitcoin Zilla heading towards Ethereum.
The OG Whale sold 670 Bitcoin (BTC) for $76 million on Wednesday, then used these funds to go on a long way to four positions totaling 68,130 (ETH), Lookonchain said in an X post on Thursday.
Before the sale, the whale had over $1.6 billion in Bitcoin, but it went back to purchases from Crypto Exchanges Binance and HTX over seven years ago.
It’s just a week after Bitcoin hits an all-time high of $124,128 on August 14th, and Ether approaches regaining its 2021 record high of $4,878.
sauce: Lookonchain
The whale position fell after buying
According to Lookonchain, all four ether positions in the whale are opened around the $4,300 mark, with most of the ether being 10 times leveraged, while the small position of 2,449 is 3 times leveraged.
However, after the whales opened their position on Wednesday, the price of ether fell, reaching a low of $4,080, about $300 away from the liquidation price of $3,699, $3,700 and $3,732 for three.
According to Coingecko, Ether has risen 2.9% in the last 24 hours and is currently handing over at $4,287 per token.
The engines are stacking ether too
The Trio of Chhales panic sold 17,972, 13,521 and 3,003 ether during market dip on Tuesday, Lookonchain said, but others were waiting to snap it.
At the same time, wallets associated with the two facilities stack ether, accumulating 9,044, each worth of $38 million.
sauce: Lookonchain
Bitmine Immersion Technologies, a Bitcoin company, added an additional 52,475 ether to its finances, bringing its holdings of 1.52 million tokens worth $6.6 billion.
Old whale moved a bitcoin bag last month
Meanwhile, two other Bitcoin Zillas also moved a large amount of Bitcoin last month, but did not buy any ether.
With 80,201 tokens, Satoshi-era Bitcoin Zilla began moving its holdings to Galaxy Digital after 14 years of dormant, and its final move was moved on July 16th.
Related: Ether Trader will turn $125,000 to $43 million, locking at $7 million from market slump
After six years of dormant, another small whale woke up on the same day, transferring 1,042 Bitcoin to a new wallet worth $123 million.
Crypto analyst Willy Woo said in June that the whales with over 10,000 bitcoin have been selling steadily since 2017, answering X users’ questions about who is selling amid growing interest from the institution.
However, analysts told Cointelegraph OG Bitcoiners there’s nothing to worry about as new buyers are jumping in. This is a good sign of a mature market.
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