Bitcoin whale sells coins after 7-year hiatus

One of the Bitcoin whales, who has been holding assets for more than seven years, sold part of his reserves, opening a long position in Ethereum. This situation once again highlights the growing interest of institutional capital in the leading altcoin.

Last week on Wednesday, the investor sold 670 bitcoins for about $113.4 thousand, receiving $76 million from the deal. The trader used the proceeds to purchase 68,130 Ethereum coins. According to the Lookonchain analytical platform, most of the positions were opened at $4,300 with 10x leverage. Previously, the crypto kitty's portfolio contained 14,837 bitcoins worth more than $16 billion. He purchased them back in 2017.

At the end of last week, Bitcoin demonstrated confident growth dynamics, once again updating its historical maximum. At the moment, the leading digital currency reached the $124 thousand mark. In turn, Ethereum approached the ATH level, which was set back in 2021.

After that, the main cryptocurrencies entered the correction phase. However, according to most experts, the potential for growth still remains. Institutional capital continues to show interest in the main altcoin. During the market correction, some large holders recorded losses, selling more than 34,000 ethers.

At the same time, two wallets associated with institutional organizations took advantage of the drop in prices and purchased 9,044 ETH each, worth $38 million. Public mining company BitMine Immersion Technologies also increased its reserves, adding 52,475 coins to its portfolio, bringing the total assets to 1.52 million Ethereum. In monetary terms, the organization's assets are valued at $6.6 billion.

Bitcoin whales, who had been inactive for a long time, also became active. In July, one of the traders transferred 80,201 BTC for the first time in 14 years, sending the assets to the Galaxy Digital platform. On the same day, another user transferred 1,042 BTC to a new address after 6 years of inactivity.

Source: cryptonews.net