Whale Makes Bold Move on ETH and Opens Major BTC Position
On March 5, on-chain analytics revealed a significant shift in positioning by a well-known whale address. The wallet now holds approximately 70,000 ETH, valued at $144 million, with an average entry price of just $1,991. The unrealized profit on this position has surged to over $9.2 million, marking a near 93% return.
Strategy Shift: From Swing Trading to Dual-Market Play
Unlike previous cycles of aggressive buying and selling, this time the investor held firm during ETH’s dip and instead launched a new offensive. On March 3, as Bitcoin approached a short-term bottom, the whale deployed $47.1 million to accumulate BTC at an average price of $68,170 — a move that would soon prove highly lucrative.
Perfect Timing: BTC Gains Outpace ETH Holdings
The BTC long position has since generated $2.8 million in unrealized profits, with a staggering 118% return, now outperforming the core ETH investment. Combined, the two positions have delivered over $12 million in unrealized gains, and no signs of exit have emerged — suggesting strong bullish conviction.
Top Long Holder on Leading Platform
The address is now among the largest open long positions for both BTC and ETH on a major derivatives exchange. Historically, the same wallet built and fully exited a $100M+ ETH position last year, locking in substantial gains. Its recent re-entry into the market signals a continued appetite for large-scale, strategically timed plays. Fund inflows suggest potential ties to prominent financial entities in the crypto space.
- ETH Holdings: 70,000 coins, worth $144M
- Average Entry: $1,991
- BTC Buy-in Price: $68,170
- Total Unrealized PnL: Over $12M
- Current Stance: Fully invested, bullish outlook