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A long-dormant Bitcoin whale sold over 6,000 BTC in two days to buy ETH.
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The wallet now holds nearly $4B worth of Ethereum.
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Trend mirrors ETF flows, with BTC funds losing assets while ETH ETFs gained.
Whale Activity
A Bitcoin whale who reemerged after seven years of inactivity has shifted massive holdings from BTC to ETH. Over the weekend, the wallet sold 6,000 BTC, worth over $600 million, in exchange for 145,000 ETH. Across August, the same whale accumulated 886,000 ETH, now worth nearly $4 billion.
ETF Flow Parallels
This move comes as institutional investors show a similar pattern. In August, Bitcoin ETFs saw net outflows of $751 million, while Ethereum ETFs attracted nearly $4 billion in inflows. The whale’s moves may have been influenced by or helped reinforce this trend.
Market Impact
Whale activity often influences trader behavior, as large movements can be seen as signals of confidence. Analysts warn, however, that such concentrated moves can also add volatility. At the time of reporting, BTC traded at $109,551 while ETH held at $4,471.
