Bitcoin Whale Sells 2,000 BTC, Buys 48,942 ETH in $4B Flip
A major Bitcoin whale sold 2,000 BTC to purchase 48,942 ETH, a $4 billion flip that adds to his growing Ethereum holdings.
Quick Take
Summary is AI generated, newsroom reviewed.
This is part of a larger trend where the whale has sold 41,705 BTC and bought 886,371 ETH.
The on-chain moves, executed via hot wallets, are seen as a strategic shift away from Bitcoin.
The ETH purchases, valued at over $4 billion, are among the largest on-chain swaps in recent history.
The activity highlights a long-term bullish outlook on Ethereum from a major crypto holder.
A major Bitcoin whale has made another headline-grabbing move. Over the past week, the investor sold 2,000 BTC. He used the proceeds to buy 48,942 ETH, worth roughly $4 billion. This is not the whale’s first big swap. Last week, the same investor sold 22,769 BTC. He is continuing a strategy of converting Bitcoin holdings into Ethereum. Overall, the whale has now sold 41,705 BTC from an original stash of 100,784 BTC acquired in 2017. The proceeds have been flipped into a total of 886,371 ETH. That marked one of the largest BTC-to-ETH conversions in recent history.
Details of the Swap
Data from on-chain trackers shows that the whale’s ETH purchases occurred in multiple transactions. Some of the largest inflows include:
- 165,010 ETH worth $725 million
- 13,675 ETH worth $60 million
- 10,800 ETH worth $47.5 million
- 5,150 ETH worth $22.5 million
- 5,800 ETH worth $25.5 million
The transactions were executed through Hyperunit hot wallets and dispersal contracts. This highlights a highly coordinated strategy. The BTC sales were similarly significant. The whale deposited 1,000 BTC in two separate transactions. Each is valued at roughly $108 million before converting the funds into Ethereum.
Market Impact
Ethereum’s price has remained relatively stable between $4K-$5K during these trades. Experts say that large-scale moves like this can affect market liquidity. But it has not caused extreme volatility so far. The whale’s strategy appears focused on capitalizing on Ethereum’s growing network adoption and utility. By reducing Bitcoin exposure and increasing Ethereum holdings. The investor aligns with trends in DeFi and smart contract demand.
Past Developments
The whale first acquired a massive BTC position in 2017. Since then, market cycles and emerging opportunities have influenced the decision to rotate into Ethereum. The total converted ETH is now valued at over $4 billion. This move reflects both the investor’s confidence in Ethereum. Additionally, a broader market trend of large holders diversifying into Layer 1 assets. This high-profile swap illustrates the influence of large crypto holders on market dynamics. The investor continues to shift Bitcoin into Ethereum. Analysts will closely monitor both coins for price movements and network activity.
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