Bitcoin Whale Suddenly Pivots to Ethereum After Exiting 7 Years of Dormancy

The investor of the Color Bitcoins (BTC) returned to the market after remaining inactive for seven years. In his last step, the investor of the whale moved to Ethereum (ETH), the leading market altcoin.

Sleeping whale BTC turns to Ethereum

According to The data provided by Lookonchain left the Bitcoin whale the market seven years ago after receiving 100,784 BTCs, worth $ 642 million.

Now the whale is back on the market and has recently sold its BTC to buy ETH. The investor bought 62,914 ETH worth approximately $ 267 million through point trading.

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Subsequently, he opened a massive 135 265 ETH worth approximately $ 577 million – a long position.

Lookonchain also saw another whale that put BTC in hyperliquid to sell and buy ETH. This investor received 85,947 BTC seven years ago, which corresponds to a commercial pattern of a recently reported whale.

Watching on the chain showed that six of their wallets still have a massive 83,585 BTC, which is worth about $ 9.42 billion.

While the thrust seems to be a shop, a shift towards Ethereum He says that. This suggests that institutional players are predominant, probably due to the growing dynamics on the ETH market.

Ethereum makes big movements

Ethereum has continued to produce waves in key metrics in the last few days, despite the recent descending price.

As U.Today reported Previously, ETH set a new record on the front Chicago Mercantile Exchange (CME) 20 August.

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According to the details provided, ETH worth over $ 8.3 billion was committed in active futures contract on CME. This means the highest level of open interest ever recorded for ETH derivatives on the stock exchange.

The recent performance Ethereum has helped to support the optimistic outlook among market participants. Crypto Godfather Michael Terpin, who quoted a massive influx into the Spot Ethereum ETFS, said ETH is preparing to overcome BTC.

At the time of printing, ETH has increased by 1.08% to $ 4,341 in the last 24 hours. On the other hand, the BTC recorded a price drop by 0.6% to $ 113.