An $11 billion Bitcoin (CRYPTO:BTC) whale has offloaded $330 million worth of Ether (CRYPTO:ETH) while opening fresh leveraged long positions totalling $748 million across Bitcoin, Ether and Solana (CRYPTO:SOL).
The move has drawn market attention because the same whale previously anticipated the $19 billion crypto market correction in October.
Blockchain data shows the whale is positioning for renewed upside in leading cryptocurrencies despite broader uncertainty across the market.
The largest single position is an Ether long valued at roughly $598 million, opened at a price of $3,147.
Data indicates this Ether position would face liquidation if the price drops below the $2,143 level.
The whale’s combined leveraged exposure reflects a high-conviction bet on short-term price appreciation in top crypto assets.
Despite the aggressive positioning, the whale is currently sitting on around $49 million in unrealised losses across open trades.
Onchain analysts note that the trading behaviour suggests confidence in a potential rebound rather than a long-term accumulation strategy.
The whale first appeared on-chain in August and rapidly became one of the largest holders of Ether after rotating capital out of Bitcoin.
During this period, roughly $5 billion worth of Bitcoin was converted into Ether positions, briefly pushing the whale ahead of Sharplink in total ETH holdings.
The rotation into Ether began on Aug. 21, when the whale sold $2.59 billion in Bitcoin.
Proceeds from that sale were used to acquire $2.2 billion in spot Ether alongside a $577 million Ether perpetual long.
The move appeared to influence broader whale behaviour, with several large wallets following the same strategy.
Within 24 hours of the initial rotation, nine major whale addresses accumulated a combined $456 million worth of Ether.
Recent data suggests other large holders continue to increase spot Ether exposure, signalling growing confidence among high-value investors.
Nansen data shows Ether acquisition by whale wallets rose 1.6 times over the past week.
These wallets collectively purchased $7.43 million in spot Ether across 19 tracked addresses.
In contrast, so-called smart money traders remain positioned against the market.
Nansen reports smart money traders are net short Ether by approximately $121 million.
Over the past 24 hours, only $6.5 million in new long Ether positions were added by this cohort.
Smart money traders are also net short Bitcoin by about $192 million.
Solana positions among smart money traders remain net short by roughly $74 million.
The divergence between whale accumulation and smart money positioning highlights ongoing disagreement about near-term market direction.
Analysts say the contrasting strategies underscore elevated risk as large players place opposing bets on the next major crypto move.
At the time of reporting, Bitcoin price was $87,915.33.