A major Bitcoin whale who has held Bitcoin for seven years has finally sold some of his holdings to open a long position in Ethereum, in line with the latest trend action by long-term holders.
According to Lookonchain, the whale sold 670 Bitcoins worth $76 million on Wednesday and used the proceeds to open four positions totaling 68,130 ETH ($4,287).
Before the sale, he owned 14,837 Bitcoins worth over $1.6 billion acquired from the Binance and HTX exchanges over the past seven years.
The move came as Bitcoin’s price had hit an all-time high of around $124,128 on August 14 and Ethereum had broken its 2021 record of around $4,878.
However, after his capital injection into Ethereum tokens, the price dropped to a low of $4,080 and caused a liquidation of around $3,699 to $3,732.
In the last 24 hours, the price of Ethereum has fallen 2.9% and is currently trading around $4,287 according to CoinGecko.
