Whale Swaps 602.8 WBTC for 15,083 ETH, Now Holds 16,909 ETH
A single whale borrowed at a leverage price of $110,993 per WBTC six days ago to acquire 602.8 WBTC (worth $66.9 million). Three hours ago, the whale sold all 602.8 WBTC and converted them into 15,083 ETH. The whale now holds a total of 16,909 ETH, valued at approximately $73.84 million, with an average cost basis of $4,441 per ETH. The large WBTC sale may apply downward pressure on WBTC prices, while the significant ETH accumulation could tighten supply and fuel upward momentum for ETH. This swap underscores the whale’s near-term bullish stance on ETH.
Bullish
The whale’s conversion of 602.8 WBTC into 15,083 ETH signals strong confidence in ETH’s upside potential. Historically, large-scale whale accumulations of ETH have preceded price rallies as supply tightens. While the WBTC sale may exert brief downward pressure on WBTC, its market impact is limited relative to overall liquidity. For traders, this move suggests a bullish bias on ETH in both the short and medium term, driven by reduced ETH supply and heightened demand from a major market player.