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A mysterious mega-whale is rotating billions from Bitcoin into Ether, signaling a broader shift as corporate and institutional investors boost ETH holdings.
Bitcoin whale has been accumulating billions of dollars worth of Ether, surpassing the second-largest corporate treasury firm, signaling a growing rotation among large investors seeking cryptocurrencies with more upside potential.
ABitcoin whale worthover $11 billion sold another $215 million worth of Bitcoin
to buy $216 million worth of spot Ether
on thedecentralized exchangeHyperliquid.
Following the latest buy, the whale now holds 886,371 Ether worth more than $4 billion, Lookonchain reported on Monday in an Xpost.
The growing whale demand for Ether is signaling the markets natural rotation into Ether and other altcoins with more upside potential, while Ethers price is also benefiting from growing corporate accumulation, Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen, told Cointelegraph.
The $11 billionBitcoin whalestarted rotating his funds into Ether on Aug. 21, when he sold $2.59 billion worth of BTC for a $2.2 billion spot Ether and a $577 million Ether perpetual long position, Cointelegraph reported.
Last Monday, thewhale closed $450 millionworth of his perpetual long position at an average Ether price of $4,735, to lock in $33 million worth of profit, before acquiring another $108 million worth of spot Ether.
The multibillion-dollar rotation inspired other large investors, including nine massive whale addresses that acquired a cumulative$456 million worthof ETH on Wednesday, Cointelegraph reported.
