Crypto Whale Shifts $138M From Bitcoin to Ethereum Longs

A well-known crypto whale, nicknamed “1011short,” has made a bold move in the crypto market. After closing all his Bitcoin long positions at a $1.3 million loss. The trader has gone all in on Ethereum. According to Lookonchain data, he now holds 40,000 ETH. Which worth roughly $138 million, with a liquidation price near $2,532.81.

From Bitcoin Bull to Ethereum Believer

This trader, often tracked by on-chain analysts for his aggressive leveraged positions. It previously held 600 BTC longs valued at around $60.9 million. His entry price was $104,785, while his liquidation level sat at $43,160. It is a risky spread in today’s volatile market. He also maintained 13,000 ETH longs worth about $43 million at an entry price of $3,444 before shifting strategies.

Now, according to recent data from HyperLiquid, his entire position is concentrated in Ethereum. The trader is using 3.56x leverage, with a total exposure of $138 million. With a margin allocation of roughly $27.6 million. Despite recent volatility, his unrealized profit sits around $284,000. It is giving him a modest 1% return so far.

The Big Pivot: Why ETH, Not BTC?

The crypto whale’s sudden pivot from Bitcoin to Ethereum has stirred speculation across the trading community. Some analysts suggest he’s betting on Ethereum relative strength amid Bitcoin slower momentum after recent ETF driven rallies. Others believe it’s a short-term trade to capitalize on Ethereum’s upcoming catalysts. This includes potential network upgrades and ETF approval speculation.

Ethereum has been trading around $3,450, holding a strong position despite recent pullbacks. The Bitcoin OG whale’s liquidation level at $2,532 gives him a considerable safety margin. Unless a major market downturn occurs. However, his previous track record shows a tendency toward high-risk strategies. This makes this shift both daring and potentially costly.

A Pattern of High-Stakes Trading

This isn’t the first time “1011short” has made headlines. Earlier this month, he was spotted depositing $20 million in USDC into HyperLiquid to expand his Bitcoin and Ethereum longs. At that time, his positions collectively suffered over $2.7 million in unrealized losses. It led Lookonchain to comment that “when there’s no insider info, the magic stops working.”

Now, with his Bitcoin longs closed and Ethereum positions maxed out. The trader appears determined to recover his earlier losses. On-chain dashboards show his account value is around $38.8 million. With a margin usage rate above 70%. That suggests aggressive leverage remains central to his strategy.

Outlook: High Risk, High Reward

Currently, the move underscores the shifting sentiment among large traders. As Bitcoin stabilizes above the $100,000 mark. Some crypto whales are turning to Ethereum for higher upside potential. Whether this gamble pays off remains to be seen, but one thing is certain. The crypto community will be watching “1011short” closely as his $138 million Ethereum bet unfolds in real time.