Daniel Walker
A bitcoin whale executed another major sell-off on Monday, shifting funds from Bitcoin (BTC) to Ethereum (ETH) in what appears to be a broader portfolio rotation.
According to blockchain analytics firm Lookonchain, the wallet in question unloaded 2,000 BTC (worth $215 million) within just four hours, using the proceeds to acquire 48,942 ETH.
This move came just a day after the same whale sold 4,000 BTC for 96,859 ETH over a 12-hour window. With these latest transactions, the long-term holder now controls 886,317 ETH, valued at almost $4 billion at current market prices.
The wallet, which resurfaced after seven years of inactivity, had originally stored over $5 billion in bitcoin. In a single week earlier this year, the whale invested $2.5 billion into Ethereum, according to Arkham Intelligence.
Trend Mirrors ETF Market Movements
Interestingly, the whaleโs strategy aligns with broader market flows. Spot Bitcoin ETFs recorded net outflows of $751 million in August, while Ethereum ETFs attracted $3.87 billion in inflows, according to SoSoValue data.
This BTC-to-ETH rotation suggests that large investors are increasingly betting on Ethereum, potentially signaling a shift in institutional sentiment.
Whale Activity Sparks Market Reactions
Large-scale movements like these are closely watched by traders, as they often trigger broader price volatility. In July, another whale transferredโand likely soldโ80,000 BTC after holding it for 15 years, marking one of the largest moves in crypto history.
Bitcoin and Ethereum Price Update
As of early Monday morning, Bitcoin is trading at $109,551, up 0.45% in the past 24 hours. Meanwhile, Ethereum is slightly down 0.04% at $4,471.5, according to PRIMEโs price tracker.
