Two blockchain addresses tied to digital asset firm BIT opened new leveraged long positions in ether worth roughly $101 million on April 20, according to on-chain data, underscoring aggressive positioning around a key price level.
New ether longs near $2,289
Within a three-hour window, the two addresses accumulated about 44,000 ETH at an average entry price of $2,289.
- Address 0xa5b partially closed its position within 30 minutes at $2,291 per token, locking in an estimated $120,000 profit from a prior $10.02 million order.
- Address 0x6c8 held on to a much larger ether long valued around $91 million, sitting on an unrealized loss of roughly $480,000, or about 10%, at the time of the data snapshot.
The addresses are identified on-chain as:
- 0x6c8512516ce5669d35113a11ca8b8de322fd84f6
- 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41
Both have been repeatedly linked to BIT, formerly Matrixport, through tracked fund transfers.
Record of aggressive leveraged trading
Activity from these wallets shows a pattern of frequent, high-leverage ether trades over recent months, often adjusting exposure as prices swing.
- In February, the entity built multi-million-dollar ether longs at lower levels, taking partial profits as prices moved higher.
- On March 17, it realized about $14.8 million in gains by closing some positions.
- When prices pulled back, the addresses added exposure near $2,300 and $2,289 to average entry costs, at one point enduring paper losses of more than $15 million, highlighting the risk of their leverage.
On April 14, the entity reportedly closed all bitcoin positions while retaining most ether exposure. By April 16, it had exited all ether holdings as well, booking approximately $48.2 million in profit and completing a full two-month trade cycle from entry to exit.
Strategy shows mix of short-term trades and conviction
The latest trades suggest a split approach:
- A quick $120,000 gain was taken on a smaller slice of exposure.
- A much larger $91 million long is being held despite temporary losses.
This combination of rapid profit-taking with a sizeable core position is typical of periods of price consolidation, when traders seek to exploit short-term swings while positioning for a larger directional move.
The concentration of new exposure around $2,289 indicates that BIT-linked accounts may view this zone as a key support area for ether.
Ether trades within tight price channel
Ether is currently trading near a support band around $2,300 that has been tested multiple times.
- Immediate resistance for upside moves is seen in the $2,417–$2,450 range.
- Price action is confined to a relatively narrow channel as the market searches for direction.
Large orders from BIT-associated wallets are tracked closely by market participants, as their size can influence short-term liquidity and price momentum.
On-chain data hints at accumulation
Blockchain metrics suggest a possible accumulation phase:
- The 365-day moving average of ether outflows from Binance has fallen to its lowest level since May 2024.
- Historically, sustained movement of assets from exchanges to private wallets has often coincided with reduced near-term selling pressure and a shift toward longer-term holding.
These flows are being interpreted as a potential moderation in immediate supply overhang.
Renewed U.S. institutional demand
Signs of returning institutional interest in the United States are emerging:
- The Coinbase Premium Index has risen by 33%, indicating that U.S. buyers are paying more for ether than counterparts on offshore venues.
- U.S. spot ether ETFs recorded four consecutive days of net inflows in mid-April, reversing a five-month pattern of outflows.
- One of those sessions saw more than $120 million in net inflows, marking a notable rebound in demand.
Strong network usage, weak price performance
Despite these supportive indicators, ether’s market price has struggled:
- Ether fell 32% in the first quarter of 2026.
- Over the same period, the network processed a record 200.4 million transactions, the highest quarterly figure to date.
Robust on-chain activity has yet to translate into price strength, pointing to a disconnect between fundamental usage and current valuation.
Macro headwinds weigh on risk assets
Broader economic conditions are tempering appetite for risk:
- Elevated energy prices and ongoing concerns about global debt sustainability are dampening sentiment across risk-sensitive markets.
- These macro pressures are offsetting constructive signals within the ether ecosystem, such as high transaction volumes and renewed institutional buying.
Large-scale traders as sentiment barometer
Tracking BIT-linked addresses has become a key part of short-term market analysis:
- Their recent full trading cycle, which generated $48.2 million in profit over two months, and the latest $101 million in new longs underline the scale and speed at which large players can move.
- Such accounts are among the most active ether traders and can materially influence near-term liquidity and price swings.
For many market participants, these on-chain moves provide a real-time window into how large, well-capitalized traders are positioning in a market still grappling with volatility and macro uncertainty.
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