Whale shakes up the market and buys US$11 million worth of ETH ahead of the Ethereum ETF...
A mysterious whale from the cryptocurrency world has made a strong trade, acquiring 4,677 Ethereum, worth around $11 million, as reported by Lookonchain.
The intriguing aspect of this purchase lies in the optimistic and bold stance the whale appears to be taking regarding the future of Ethereum, expressing bearish sentiment towards Bitcoin, according to Lookonchain analysis.
What draws attention is the unique approach chosen by the whale, which chose to exchange 241 Wrapped Bitcoin (WBTC), worth $11 million, borrowed from Aave, for a substantial amount of Ethereum.
Although the reasons for this strategic decision remain shrouded in mystery, all signs point to the expectation of an imminent ETH price rise.
Whale exchanges Bitcoin for Ethereum
According to recent data, Ethereum is emerging as the leader, recently overtaking Bitcoin â but not in terms of price or market capitalization. Bitcoin faced a 2.11% decline over the past 24 hours, settling at $45,300.
In contrast, ETH saw an 8% increase during the same period, reaching $2,422. This consistent outperformance leads Ethereum to gain ground against Bitcoin over different time periods.
Despite the optimism surrounding ETH's upward trajectory, analysts suggest caution. After all, past performance does not guarantee future results.
It should be noted that veteran trader Peter Brandt maintains a pessimistic view, adopting the perspective of a short-term trader rather than a long-term hodler. In a tweet, Brandt expressed skepticism, stating:
âMy inclination remains to sell ETH,â highlighting his belief in the alleged lack of underlying strength in the Ethereum chart.
