Whale Transfers $4B from Bitcoin to Ethereum

A Bitcoin whale made a significant sale on Monday, shifting funds from Bitcoin to Ethereum. According to on-chain analytics firm Lookonchain, the wallet sold 2,000 BTC (approximately $215 million) to acquire 48,942 ETH in just four hours. On Sunday, it was reported that this whale had previously sold 4,000 BTC to purchase 96,859 ETH over a 12-hour period. Overall, this investor has amassed 886,317 ETH, worth nearly $4 billion at the current market prices. These recent transactions are part of a series of fund rotations made by the wallet holder since waking up from a seven-year inactivity. Initially, the whale held over $5 billion in Bitcoin and made Ethereum purchases totaling $2.5 billion in just one week, according to a report by Arkham Intelligence. Coinciding with this whale activity, there was a noticeable shift in spot cryptocurrency exchange-traded funds (ETFs). In August, Bitcoin ETFs experienced a net outflow of $751 million, while Ethereum ETFs saw a substantial net inflow of $3.87 billion. The broader cryptocurrency market has witnessed notable whale activities recently, impacting price movements, as analysts suggest that such moves influence other traders. Notably, in July, a whale transferred and likely sold 80,000 BTC after remaining inactive for 15 years. As of Monday morning, Bitcoin's price had risen 0.45% to $109,551, while Ethereum dipped slightly by 0.04% to $4,471.5. Disclaimer: The Block operates as an independent media outlet, providing news and data about the crypto sector. As of November 2023, Foresight Ventures is a majority investor in The Block, investing in various companies within the crypto space. Bitget serves as a key investor for Foresight Ventures. The Block remains committed to delivering unbiased and timely information about the cryptocurrency industry.