A crypto whale, or a large holder with a significant amount of cryptocurrency, just made a large purchase of 4,677 ETH, valued at roughly $11 million, according to data from Lookonchain.
The interesting thing about this purchase is that it seems to reflect a bold bullish bet on the Ethereum price.
This whale appears to be bullish on ETH and bearish on BTC, according to Lookonchain. Surprisingly, the whale exchanged his wrapped Bitcoin for Ethereum, borrowing 241 WBTC worth $11 million from Aave, which he exchanged for 4,677 ETH.
While the real intentions of the whale remain unknown, indications point to the fact that the whale expects the price of ETH to rise shortly.
Ethereum outperforms Bitcoin
Expectations for Bitcoin ETF approval are rising, and eyes are currently on Ethereum, which is presently outperforming Bitcoin at the moment.
At the time of writing, Bitcoin was down 2.11% in the last 24 hours to $45,647, following seesaw price activity in yesterday's trading. Ethereum, on the other hand, was up by 5.47% in this same time frame to $2,422.
This outperformance is causing Ethereum to rise against Bitcoin on multiple time frames. According to Matthew Hyland, a crypto analyst, this is not surprising, as both the BTC Futures in 2017 and the Coinbase IPO in 2021 saw ETH outperform BTC shortly after.
While bullish expectations remain for the ETH price, it should be kept in mind that past performance does not guarantee future results.
On the other hand, legendary trader Peter Brandt retains a bearish bias from the standpoint of a swing trader rather than a "hodler."
"My bias remains to be short ETH," Brandt said in a tweet, noting his belief that the Ethereum chart lacks underlying strength.