Major Whale Shifts Strategy: Exits Bitcoin Loss, Accumulates stETH Holdings

MevHunter · 2026-01-26T15:05:51+00:00

On January 8th, a major wallet operator closed a $3.7 million Bitcoin long position and shifted to accumulating Ethereum, acquiring 10,000 ETH and converting it to stETH. This move indicates confidence in Ethereum's liquid staking and long-term bullish strategies.

MevHunter

2026-01-26 15:05:51

Abstract generation in progress

On January 8th, chain surveillance data revealed a significant repositioning by a major wallet operator. According to OnchainLens tracking, this trader closed an underwater Bitcoin long position, realizing losses of approximately $3.7 million. Rather than withdrawing entirely, the whale immediately pivoted to a new asset accumulation strategy.

Bitcoin Long Position Closed at a Loss

The wallet address “0xfb7” exited its Bitcoin exposure with considerable losses. This move suggests a strategic reassessment, as the trader abandoned the previous long bias and began deploying capital elsewhere. The liquidation marked a shift in market sentiment for this particular whale trader.

Large-Scale Ethereum to stETH Conversion

Following the Bitcoin exit, the whale extracted $31.7 million in USDC through Wintermute, subsequently acquiring 10,000 Ethereum. Rather than holding ETH directly, the trader immediately swapped the entire position into stETH—the liquid staking derivative issued by Lido. This conversion indicates confidence in Ethereum’s ecosystem while simultaneously capturing staking yield opportunities.

Current stETH Position Reaches Substantial Value

The transferred stETH holdings now sit in a separate wallet address, where they join existing stETH reserves. The current stETH portfolio stands at 40,060 tokens, valued at approximately $126.48 million. This substantial position reveals the whale’s commitment to Ethereum-based liquid staking strategies, suggesting long-term bullish conviction on both Ethereum fundamentals and stETH’s utility as a productive asset.

BTC1,15%

ETH3,01%

STETH2,87%

USDC0,02%

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