Whale’s Big Move
A whale has been buying up Ethereum (ETH) and selling Wrapped Bitcoin (WBTC) on the Aave protocol. On February 16th, they borrowed $14.6 million worth of WBTC and bought 5,150 ETH.
Reasons for the Switch
It’s unclear why the whale is making this move, but Ethereum has been outperforming Bitcoin in recent weeks. ETH is up 13% against BTC in the last month.
Bitcoin Still Strong
Despite the whale’s actions, Bitcoin is still doing well. It’s at its highest point in over two years, and analysts expect it to continue to rise.
Investors Bullish on Bitcoin
Wall Street and retail investors are investing billions of dollars in Bitcoin, thanks to the approval of spot Bitcoin ETFs.
Altcoins Benefitting
Rising Bitcoin prices have also helped altcoins, including Ethereum. ETH is expected to keep rising in the coming months.
