Haciyev Reşit 
According to on-chain analysis platform Lookonchain, a long-dormant Bitcoin whale has returned to the market. Recently, the whale sold 4,000 BTC (worth $435 million) and purchased 96,859 ETH in exchange. With this move, the whale’s total Ethereum holdings have reached 837,429 ETH, valued at approximately $3.7 billion at current prices.
Strategic Shift from BTC to ETH
The whale in question is known for wallets holding around $11 billion worth of BTC. This latest move continues the recent trend of shifting from BTC to ETH, which has gained attention in recent weeks. The shift came during a period of heightened market volatility.
Over the weekend, Bitcoin dropped to $107,700 before recovering above $108,000. However, for August overall, it is on track for a 5% decline. (At the time of writing, Bitcoin is trading at $109,500)
During the same period, Ethereum (ETH) has stood out. Over the past 30 days, it has gained approximately 24%, trading around $4,475, outperforming Bitcoin.
Other Whales Also Accumulating ETH
It’s not just this whale—other major market players continue to accumulate Ethereum. Longling Capital, a firm known for its “buy low, sell high” strategy, resumed ETH purchases over the past weekend, acquiring around 7,000 ETH worth approximately $30.6 million.
Growing Confidence in Ethereum
The shift of whales from BTC to ETH has fueled expectations that Ethereum could outperform in the medium term. Key factors supporting ETH’s appeal include upcoming ETF approval processes, Layer-2 scaling developments, and growth in the DeFi ecosystem.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.