The whale who predicted October’s crash is back with a bet that goes against the spot markets. It is betting on an imminent rise in cryptocurrency prices.
A massive whale bets on a rise in cryptocurrency prices
According to analytics firm Lookonchain, the whale is quite optimistic about the prices of Bitcoin (BTC), Ether (ETH), and Solana (SOL). After taking a $300 million profit in ETH, it is once again betting on these three cryptocurrencies. The whale has opened long positions worth a combined $748 million. This is a very optimistic stance, signaling confidence in a short-term market recovery.
This unknown whale, which is currently worth more than $11 billion, has made several massive bets since last summer. It often favors Ether: this week, it is betting $598 million on ETH, compared to $150 million on BTC and SOL.
While this move indicates a certain degree of confidence, it should of course be taken with a grain of salt, given the uncertain context for cryptocurrencies.
However, it remains indicative of an underlying trend: whales have been accumulating in recent weeks, while small investors continue to sell their positions.
