LUNA Shorting Whale Goes Long on Ethereum with $10.43M Bet

A crypto whale known for shorting Bitcoin during the LUNA/UST collapse has invested $10.43 million in Ethereum. Data from Arkham Intelligence shows the whale purchased 4,192 ETH at an average price of $2,490 per ETH in the past seven hours. The whale then staked these tokens on Lido and RocketPool, two major DeFi platforms.

The move highlights the whale’s confidence in Ethereum’s future and the potential to earn staking rewards. This is not the first time this whale has displayed impressive market timing. During the LUNA/UST crash, from February 18 to March 7, they profited $2.25 million in just half a month by buying wrapped Bitcoin (WBTC) high and selling low. This risky “bottom-fishing” strategy can be lucrative when executed correctly.

The whale’s ability to capitalize on market volatility has earned them recognition for their market savvy. The LUNA/UST collapse, which sent shockwaves through the crypto market, presented an opportunity for those with the foresight to short Bitcoin. This whale’s success during that time underscores their expertise in navigating turbulent markets.

With this latest Ethereum investment, market watchers are keen to see what the whale does next. Whether Ethereum’s value rises, leading to another significant profit for this investor. Or will the market take an unexpected turn? Only time will tell, but for now, the savvy cryptocurrency whale who profited from the LUNA/UST collapse has once again demonstrated their market acumen by making a significant investment in Ethereum.

The purchase and staking of a large amount of ETH signals confidence in Ethereum’s future and the potential rewards of decentralized finance.