According to @EmberCN, a whale/institution that held 10,606 BTC for 7 years with $1.12B in profits has begun rotating from BTC to ETH, selling 3,100 BTC worth $348M so far, source: @EmberCN, X, Aug 22, 2025. According to @EmberCN, the entity bought 50,522 ETH spot worth $213M and opened a 135,000 ETH long using $120M margin for $571M notional, implying roughly 5x leverage, source: @EmberCN, X, Aug 22, 2025. According to @EmberCN, based on these figures the wallet now holds approximately $784M gross long ETH exposure (spot plus derivatives) against $348M BTC net selling to date, indicating an ETH-over-BTC positioning tilt by this participant, source: @EmberCN, X, Aug 22, 2025.