Crypto Prices: Bitcoin, Ethereum, and Solana Long Trades In Spotlight
Bitcoin, Ethereum, and Solana long trades stayed in focus this week as the market recovered.
Top trader TheWhiteWhaleHL held firm, while big institutions made fresh moves in Ethereum and Solana.
This simply shows continued interest despite recent price swings.
It is worth noting that after a shaky week for crypto prices that saw many traders lose money, one name stayed on top.
On-chain data shared by Lookonchain showed that TheWhiteWhaleHL kept the number one spot on the trading leaderboard.
While the market drop pushed others out, this trader held strong long positions in three major cryptocurrencies.
The data revealed that the trader held 48,405 ETH worth about $181 million. Likewise, 810,717 SOL, which is worth $152 million, and 223 BTC, valued at $26 million.
Altogether, the trader’s unrealized gains totaled approximately $33 million. These long trades stood out at a time when many traders were forced to exit their positions.
It is worth noting that even amid market swings, some traders remained confident.
The move by TheWhiteWhaleHL demonstrated that certain players were willing to hold through the uncertainty, likely expecting crypto prices to rebound.
Bitcoin and Stablecoins Could Help, Not Hurt, the Dollar
In a separate update, Anatoly Yakovenko, one of the founders of Solana, shared his thoughts on the current conversation surrounding Bitcoin and stablecoins.
Per his recent statement, he said that these digital assets could support the U.S. dollar, rather than weaken it.
He explained that Bitcoin is too volatile for everyday use. People would not want to use it to buy oil or get a mortgage.
However, stablecoins, which the U.S. Treasury often backs, make such use possible.
He added that the demand for stablecoins also leads to higher demand for U.S. government debt, which in turn supports the dollar.
His view contradicts the notion that cryptocurrency harms traditional finance. Instead, Yakovenko argued that digital assets, such as Bitcoin and stablecoins, could coexist alongside the dollar in today’s global economy.
Still, adding to this point of view, Hunter Horsley said that after the iPhone launch, every business had a mobile app strategy within a few years.
He noted that, following the GENIUS Act, nearly every e-commerce, banking, and payments company will have stablecoins in their operations within 24 months.
Another sign of growing interest came from the ETF market. According to crypto analyst sassal0x, Ethereum ETFs saw net inflows of $1.8 billion over the past week.
Bitcoin ETFs generated a significantly smaller $71 million during the same period. This shift suggested that investors may be leaning more toward Ethereum at the moment.
Meanwhile, Sharplink Gaming, the company known for holding the largest amount of ETH in its treasury, made another significant move.
On-chain records showed that it received $145 million in USDC from Circle. It then sent the funds to Galaxy Digital, likely for more Ethereum purchases.
Solana also saw attention from investment firms. REX-Osprey added JitoSOL, Solana’s top liquid staking token, to its ETF product.
This marked the first time a liquid staking asset was included in a U.S.-listed crypto ETF. It signaled a new level of acceptance for staking-related tokens in formal investment products.
Senator Cynthia Lummis continued to push for increased crypto adoption in the U.S. She stated that Bitcoin could serve as a valuable hedge against inflation.
In her view, it provides people with another option when the value of the dollar is unstable.
She also described Bitcoin as a modern store of value and urged for its role in the financial system to be taken seriously.
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