Bitcoin Whale Shifts to ETH With $295 Million Long Position

A major Bitcoin whale who has diamond-handed Bitcoin for the last seven years has sold off some of its bag to open a long position in Ether (ETH), joining a recent wave of Bitcoin whales opening up to Ethereum. 

The OG whale sold 670 Bitcoin (BTC) for $76 million on Wednesday, then used those funds to go long across four positions, totaling 68,130 ETH, Lookonchain said in an X post on Thursday.

Before the sale, the whale had 14,837 Bitcoin worth over $1.6 billion, dating back to purchases from crypto exchanges Binance and HTX over seven years ago.

It…