**Whale Closes $60M Bitcoin Long at $1.3M Loss and Shifts to $138M Leveraged Ethereum Position**
A prominent crypto whale known as “1011short” has made a dramatic move in the market, closing out a massive Bitcoin long position at a significant loss and shifting his focus to Ethereum. This sizable transition has caught the attention of the crypto community, signaling a new bet on Ethereum’s growth potential as Bitcoin momentum slows.
### Whale’s Shift from Bitcoin to Ethereum
1011short, renowned for his aggressive and high-stakes trading strategies, recently closed his 600 BTC long position valued at $60.9 million, absorbing a $1.3 million loss, according to Lookonchain data. Rather than retreating from the market, the trader pivoted to Ethereum in a big way, opening a leveraged long position worth $138 million using 3.56x leverage on the HyperLiquid decentralized exchange.
This clear strategic shift comes as Bitcoin’s momentum cools after recent ETF-driven rallies, while Ethereum appears to offer more upside. The current price of Ethereum sits around $3,445, with 1011short’s liquidation level set at $2,532.81. This affords a considerable margin of safety compared to Ethereum’s prevailing market price.
### The Whale’s Current Ethereum Position
By shifting entirely to Ethereum, 1011short’s total exposure is now $138 million, with approximately $27.6 million allocated as margin. Despite the volatility seen in recent days, his unrealized profit is around $284,000—a modest 1% return thus far. His use of significant leverage underscores his high-risk, high-reward approach.
Previously, the whale held 13,000 ETH long positions worth roughly $43 million with an entry price of $3,444. Now, all his focus is on Ethereum, heightening both the risk and potential reward of his trades. He is ultimately betting on Ethereum’s relative strength and the possibility of imminent positive market developments to deliver profits.
### Why the Move to Ethereum?
Several factors appear to be influencing 1011short’s decision. For one, Ethereum is showing signs of resilience, maintaining a strong position above $3,400 even amidst broader market pullbacks. Speculation around potential approval of an Ethereum ETF, as well as upcoming network upgrades, could also be contributing optimism.
Analysts suggest that, after Bitcoin’s post-rally slowdown, Ethereum presents a more attractive opportunity. The whale’s willingness to commit a large margin—over 70% of his position—reflects the high-stakes and speculative nature of this move. It may also be a calculated attempt to recover from his previous Bitcoin losses with a bold, new strategy.
### The Risks and Rewards of High-Leverage Trading
1011short’s highly leveraged Ethereum long highlights the inherent risks and rewards in cryptocurrency trading. While the opportunity for outsized gains exists, especially if Ethereum continues its upward trajectory, the high leverage also magnifies the risk of significant losses should the market move unfavorably.
Such moves underscore a trend among large traders who are turning to Ethereum in search of higher returns as Bitcoin stabilizes. The long-term success of this approach will depend on Ethereum’s performance and broader market dynamics moving forward.
### Outlook for Ethereum and Bitcoin
As the overall crypto market remains volatile, the decision by a major whale to rotate out of Bitcoin and into Ethereum serves as a snapshot of shifting investor sentiment. Observers and analysts alike will keep a close eye on how this bold Ethereum position plays out, as it could signal broader strategic trends among large holders.
Whether this high-risk pivot leads to recovery and profit, or further losses, remains to be seen. For now, however, 1011short’s dramatic move is a clear indicator that, in the fast-moving world of crypto trading, fortunes can shift swiftly—and the next big opportunity might be just around the corner.
https://coincentral.com/crypto-whale-shifts-138m-from-bitcoin-to-ethereum-long-positions/
