A major Bitcoin whale has pivoted toward Ethereum, sparking fresh debate in the crypto market. Blockchain analytics platform Lookonchain reported that this longtime holder created a new wallet and deposited $20 million in USDC to take a leveraged Ethereum position.
Currently, the whale controls long positions totaling 78,265 ETH, valued at around $334 million, spread across five wallets.
Previously, the same whale sold 670.1 BTC, worth $76 million, and used the proceeds to open 68,130 ETH longs. Lookonchain revealed that this address belongs to a Bitcoin OG who received 14,837 BTC seven years ago from HTX and Binance, which were worth $107.5 million at the time and now approach $1.7 billion.
Rotating From Bitcoin to Ethereum
Crypto strategist Samson Mow, CEO of Jan3, offered insight on the move:
“Most ETH holders have a lot of BTC (ICO/insiders) and they are rotating that BTC into ETH to pump it on new narratives. Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC. No one wants ETH in the long run. Plan accordingly.”
The whale’s strategy reflects the long-standing cycle of capital rotation between Bitcoin and Ethereum. However, the scale of the current move signals renewed confidence in ETH during a period of institutional attention.
Institutions Increasing Ethereum Holdings
Alongside whale activity, institutional players are entering the Ethereum market. BitMine Immersion Technologies recently boosted its treasury by adding 52,475 ETH, showing that companies are diversifying crypto holdings beyond Bitcoin.
CryptoQuant data further shows the ratio of whale activity to Bitcoin exchange volume is 0.47, indicating that large holders represent only a small fraction of total exchange trading. With Bitcoin trading above $112,000, other factors, including institutional interest, are supporting the crypto market.
The whale’s Ethereum investments may fuel short-term maneuvers but also carry potential risks of market manipulation. Traders and investors are closely watching whether ETH can sustain this momentum amid increasing institutional adoption.
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