The popular Bitcoin ($BTC) whale, BitcoinOG(1011short) has recently made a shift in strategy. BitcoinOG (1011short) has closed a huge $44.15M long position and opened a new ETH $15.04M short. As per the data from the well-known on-chain analytics provider, Lookonchain, this development denotes a key switch amid the changing market conditions. The move takes place only a day after the respective whale reportedly locked in a staggering $782.5K in profit from a long position.
BitcoinOG(1011short) Closes $44M $ETH Long to Open Short with 5x Leverage
As the on-chain statistics reveal, BitcoinOG(1011short) has shifted from long to short Ethereum ($ETH) positions. In this respect, following closing a $44.15M long $ETH position, the whale has opened a new $15.4M $ETH short. Additionally, the whale’s wallet address “0x3b3…283ae” currently holds several active positions across $ETHUSD, $UUSD, and $MOCEX. Specifically, the whale executed the $ETH short at a notable 5x leverage.
Whale Shift highlights Ethereum’s Market Turbulence
According to Lookonchain , the entry price of the latest $ETH short of BitcoinOG(1011short) accounts for an entry price of up to $3,001.81, while the current price stands at $3,059.36. As a result of this, the whale has witnessed $29,924.05 in unrealized loss apart from $38,27 in overall fees. However, whether the newly opened short backfires or pays off, it clearly points toward the pullback of seasoned whales amid Ethereum’s ($ETH) market turbulence.
