A savvy Bitcoin investor, holding Bitcoin for seven years, recently made a massive shift, selling off a significant chunk of their BTC holdings to buy Ethereum. Let’s dive into the details.
$76 Million BTC Trade for ETH
This long-time Bitcoin holder, owning a whopping 14,837 BTC (worth about $1.69 billion!), decided to sell 670.1 BTC ($76 million) to go all-in on Ethereum. They used the Hyperliquid platform to make the trade, accumulating 68,130 ETH ($295 million) across four different wallets. This investor originally received their Bitcoin seven years ago from HTX and Binance, when a single Bitcoin was worth around $7,242.
More ETH Purchases and Risky Plays
This wasn’t a one-time deal. The investor continued buying ETH, showing a strong belief in Ethereum’s future. They hedged their bets somewhat, initially closing some long positions and switching to spot ETH purchases. Later, they deposited another $113.95 million worth of BTC to buy more ETH, adding another 19,794 ETH ($85 million) to their holdings. They also got a bit bolder, using leverage to increase their ETH positions, ultimately holding 78,265 ETH ($334 million) across five wallets.
A Double Down on Ethereum
The investor’s faith in Ethereum didn’t waver. Over two days, they sold a total of 3,142 BTC ($356.47 million) and bought 55,039 ETH ($237 million) through spot trading, and also opened a huge long position of 135,265 ETH ($577 million). Interestingly, many of these long positions are already showing a profit.
Another Whale Follows Suit?
The analysts at Lookonchain noticed another significant Bitcoin holder who seems to have followed a similar pattern, selling BTC to buy ETH. This whale also received a massive amount of Bitcoin (85,947 BTC, worth $547 million) seven years ago, leading analysts to believe it could be the same investor. There’s also mention of another whale withdrawing a large amount of ETH from Binance.
The Bottom Line
This story highlights the significant shift some major players are making in the crypto market, moving from Bitcoin to Ethereum. While the Ethereum price is currently down slightly, this whale’s significant investment shows a strong belief in Ethereum’s potential for future growth.
