According to statistics from Lookonchain, a crypto whale—a major holder with a substantial quantity of cryptocurrency—just completed a sizable buy of 4,677 ETH, or almost $11 million.
This purchase is intriguing since it appears to be a big bullish wager on the price of Ethereum.
https://x.com/lookonchain/status/1744990261883892193?s=20
Lookonchain indicates that this whale is bullish on ETH and bearish on BTC. The whale unexpectedly traded his wrapped Bitcoin for Ethereum by borrowing 241 WBTC from Aave, which was valued at $11 million, and exchanging it for 4,677 ETH.
Though the whale’s true motivations are yet unclear, signs suggest that it believes the price of ETH will soon increase.
Ethereum outperforms Bitcoin
As Ethereum is now beating Bitcoin, all eyes are on it as expectations for the approval of a Bitcoin ETF rise.
After seeing erratic price movement in yesterday’s trade, Bitcoin was down 2.11% in the previous day to $45,647 at the time of writing. In contrast, Ethereum increased by 5.47% to $2,422 during this same period.
Ethereum is outperforming Bitcoin on a number of time scales as a result of its outperformance. Crypto expert Matthew Hyland says this is not surprising because ETH outperformed BTC early after the Coinbase IPO in 2021 and the BTC Futures in 2017.
Although there are still optimistic hopes for the price of ETH, it is important to remember that previous performance does not guarantee future outcomes.
In contrast, renowned trader Peter Brandt continues to see the market bearishly from the perspective of a swing trader as opposed to a “hodler.”
Brandt tweeted, “My bias remains to be short ETH,” expressing his opinion that there isn’t any underlying strength on the Ethereum chart.
