A long-time Bitcoin whale has been shuffling their portfolio in recent weeks, offloading their holdings to build significant new positions in ETH.
Summary
- A Bitcoin OG has rotated over $4.1 billion from BTC into ETH and now holds approximately 886,000 ETH.
- The move comes as ETH continues to outperform Bitcoin.
- Broader industry interest in ETH is rising, with more than 4.44 million ETH, valued at nearly $19.7 billion, now held by 71 public companies.
On-chain tracker Lookonchain first flagged the portfolio activity in late August. The whale, who received more than 100,000 BTC (BTC) about seven years ago, has begun one of the largest rotations the market has seen.
At the time of reciept, their stash was worth just around $642 million and today, is valued at over $11 billion. Blockchain data shows that over a five-day period, the whale deposited about 22,700 BTC to Hyperliquid and swapped it for nearly half a million ETH (ETH). He also opened a long position of more than 130,000 ETH, showing that spot buys were only part of the plan.
The activity did not stop there. Long positions were closed in profit, with proceeds rolled into new ETH spot buys. Fresh deposits of BTC kept arriving, each trade adding more Ether to the growing pile.
At press time, the whale holds about 886,000 ETH worth more than $4 billion, after recently selling another 2,000 BTC for nearly 49,000 ETH. With such a massive shift ongoing, the focus now turns to why this Bitcoin OG has chosen Ether as his new play.
Why is the whale offloading BTC for ETH?
The whale’s buying comes as the market focus shifts to Ether. Over the past few months, Ethereum has stood out as a favorite among retail and institutional investors alike, significantly outperforming Bitcoin.
Despite broader market volatility, ETH is up approximately 25% in the last 30 days, while Bitcoin has slid roughly 4% during the same peri
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Author: Grace Abidemi
