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Derivatives rotation: an account closes its BTC longs and increases its ETH exposure

A tracking report on October 22 noted that 0x469e closed its entire 250 BTC long position, with closing trades totaling about $21.15 million at an average price of $84,599.81 and a realized profit of approximately $568,000. It also added 5,219.54 ETH in long exposure through trades totaling about $13.06 million at an average price of $2,502.17.

ETH’s long position appears to have grown from 10,000 to around 15,200 ETH, an increase of 52.2%. At the time of the snapshot, it was worth about $37.075 million, with an average entry price of $2,601.72 and unrealized losses of around $2.522 million. Realized BTC profit and ETH unrealized loss are different measures. These are account derivatives, not confirmed spot purchases or new fiat inflows; nor is it established that all proceeds from the BTC liquidation were reinvested in ETH.

2026-10-22 07:00 UTC

#EarningsSeason #EthereumSurpasses$2500 #BitcoinDropsBelow$84K