Bitcoin slipped to its weakest level in more than a month after a major investor began unloading thousands of coins in favor of Ethereum.
Data from CryptoSlate show the asset trading at roughly $111,600 on Monday, down nearly 3% in a single day and its lowest mark since early July.
The sell-off erased gains from just a week earlier, when Bitcoin briefly rallied above $117,000 on speculation the Federal Reserve might cut interest rates in September.
Instead, heavy selling pressure from one of the network’s older and wealthier wallets reversed momentum and weighed on the broader market.
Whale dumps Bitcoin for Ethereum
According to Lookonchain, an early Bitcoin investor who originally received more than 100,000 BTC seven years ago has been actively rotating into Ethereum.
Over the past five days, the wallet deposited nearly 23,000 BTC, valued at about $2.6 billion, onto decentralized exchange Hyperliquid. Those sales were followed by the purchase of roughly 473,000 ETH worth $2.2 billion, along with the opening of a substantial long position.
The whale has since taken partial profits, closing more than 95,000 ETH longs at an average price of $4,735 to net $33 million.
Meanw
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Author: Oluwapelumi Adejumo
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