Whale wallets are taking sizable long positions in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) even as the top cryptos continue to struggle.
What Happened: Lookonchain data shows a strong bullish tilt over the past 12 hours as several major players have deposited significant USDC to increase long positions:
- 0x89AB bought 80.47 BTC and opened a 6x long on 133.86 BTC.
- 0x3fce increased their Bitcoin long to 459.82 BTC.
- 0x8Ae4 deposited $4M to go long on BTC, ETH, and Solana.
- 0xd8ef added $5.44M to an Ethereum long.
At the same time, some whales are taking the opposite approach: a Bitcoin OG has sold 5,252 BTC (around $588 million) across Binance, Coinbase, and Hyperliquid, holding a 2,100 BTC short (~$228 million) on Hyperliquid.
Whale 0xB041 panic-sold 6,237 ETH (~$23.95 million) at $3,840 during the recent decline.
Also Read: Could A Rotation Out Of Gold Into BTC Double Bitcoin’s Valuation?
What's Next: Trader KillaXBT noted that previous CPI releases often coincided with local Bitcoin tops, following strong bullish momentum.
With the market already in a pullback ahead of Friday’s inflation data, he suggests much of the impact may already be priced in and advises avoiding shorts.
Galaxy highlighted that Ethereum is mirroring its Q4 2020 pattern, experiencing a two-month pullback similar to the $490 correction back then, now from $4,900.
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