The $11 billion bitcoin wheel that correctly predicted the $19 billion October market crash is once again betting on price appreciation for cryptocurrencies, signaling a possible market recovery.
After investing $330 million in Ether (ETH) cash, Whale opened three profitable long positions worth a total of $748 million, betting on price increases in Bitcoin (BTC), Ether, and Solana (SOL).
The largest is an ETH long position valued at $8,598 million, opened at $3,147, which faces liquidation if the Ether price falls below $2,143, according to a Tuesday X post by blockchain data platform Locoinchain.
Based on their recent trading patterns, Love Whale is positioned for a short-term rally in the three leading cryptocurrencies as they continue to run their profitable positions despite facing unrealized losses of around $49 million.
Related: Bitmine locks up to $1b in Ether as large corporates mine ETH for production
It was reported on September 1st that the $11 billion bitcoin wheel emerged in August and spun around 5 billion worth of BTC into ETH, briefly surpassing the corporate treasury firm, Sharplink, in terms of total overt holdings.
Bitcoin Wheel began spinning their funds into Ether on August 21st when they sold $2.59 billion in BTC for $2.2 billion in ETH and 7,577 million Ether long, affecting nine “massive” wheel addresses to acquire 456 million worth within a day, after the initial spinning of the wheel.
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Whales increase ETH buying, but smart money traders are still short $122 million
Other crypto whales are also increasing their holdings of Spot Ether, signaling greater confidence from large investors, a key group for price momentum.
According to crypto intelligence platform Nancy, Cryptowheels increased its Ether acquisition rate by 1.6x over the past week, collecting $7.43 million of spot ETH in 19 days.
However, the industry’s most successful traders by return, tracked as “smart money” traders on Ninsen, continue to bet on ether’s price decline.
According to Nancy, Smart Money traders were net short on Ether for a total of 121 million, adding 6.5 million long positions over the past 24 hours.
However, smart traders also netted a total of $192 million on Bitcoin and $74 million on Solana.
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