Bitcoin whale ramps up BTC-to-ETH rotation, amassing $4 billion in Ethereum
The Block
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A bitcoin whale made another sizable sale on Monday in a broader fund rotation from bitcoin to Ethereum.
Lookonchain, the on-chain analytics firm that has been tracking this specific large holder, reported that the wallet sold 2,000 BTC ($215 million) to acquire 48,942 ETH over the course of four hours earlier today.
On Sunday, Lookonchain reported that a whale trader sold 4,000 BTC to purchase 96,859 ETH over 12 hours. In total, the Bitcoin OG has purchased 886,317 ETH, which is equivalent to nearly $4 billion at the current market price.
The two transactions over the weekend are the latest in a series of similar transactions the wallet holder has made in August, following their emergence from a seven-year slumber. The whale initially held over $5 billion in bitcoin and bought $2.5 billion worth of Ethereum in a single week, according to Arkham Intelligence's previous report.
The whale rotation from BTC to ETH coincided with a similar rotation spotted among spot crypto exchange-traded funds. In August, spot bitcoin ETFs saw a total net outflow of $751 million, while Ethereum ETFs recorded $3.87 billion in monthly net inflows, according to SoSoValue data.
The cryptocurrency market has seen other notable whale activities in recent weeks, contributing to broader price movements, as analysts say that other traders often follow suit. In July, a whale moved and likely sold 80,000 BTC after a 15-year dormancy.
According to The Block's crypto price page, bitcoin rose 0.45% to trade at $109,551 as of 4:45 a.m. on Monday, while ether edged down 0.04% to $4,471.5.
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