Ethereum surged to a new all-time high a few hours ago, crossing $4,900 for the first time. Its latest milestone came at a time when it did not expect it.
The 2-hour chart shows that the major move happened at 16:00 UTC when the coin surged from $4,797 to $4,933. It continued upwards and peaked at $4,955 before retracing as it faced massive corrections afterwards. The altcoin grapples with selling pressure at $4,760 at the time of writing.
It is worth noting that ETH dropped to a low of $4,718 before the surge to the ATH started. Nonetheless, an event happened, coinciding with the rebound.
A Bitcoin OG recently sold a huge amount of BTC a few hours ago. Reports from Lookonchain indicate that he sold 6000 units of the apex coin worth $689 million to buy ETH. He added almost 100,000 ETH, bringing his total bag to 278,490.
Another source noted that the OG sold more coins on Sunday. He sold 1,968 BTC and 4,000 BTC in two separate transactions. However, there are no reports of conversion to the second-largest coin. Nonetheless, Lookonchain reported that he sold 4000 BTC on Aug 23 to stack more ETH.
OG Moves to Maximize Profit With Ethereum
Many wonder why there is a shift from Bitcoin to Ethereum. The recent news surrounding the second-largest suggests that attention is moving from BTC and the OG’s latest may be due to them.
One such is the news that the EU plans to deploy its stablecoin on Ethereum. On Friday, the European Union advanced plans to launch a digital euro stablecoin. Financial Times revealed that the European Central Bank (ECB) is preparing the rollout, with strong consideration for using a public blockchain.
The EU’s news, coupled with the US Fed’s announcement on interest rate cuts, sparked massive fireworks on ETH. The coin surged by over 14%, peaking at a high of $4,886. Additionally, further reports indicate that trading volume soared.
Liquidation data reveals that traders lost more than $617 million in the past 24 hours, with long positions making up $448 million of the total wiped-out capital.
On Ethereum alone, liquidations exceeded $137 million in the last 4 hours — $82 million from longs and $54 million from shorts. This indicates that many traders went long at the peak, expecting further gains, only to face heavy losses.
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