SOLD ETH HIGH, BOUGHT IT BACK LOWER… NOW ROTATING INTO BTC?
This wallet is starting to look like it has a pretty interesting playbook. Sell ETH when prices are running hot, wait for the market to cool off, then come back in cheaper. And now, it seems the next move is toward Bitcoin. Back in January, the entity reportedly sold $ETH around $3,109. In September, it sold again near $2,679. Then came October, when ETH was bought back around $2,353.
Since October 23, the wallet has accumulated roughly 3,000.5 ETH worth $7.06 million. But instead of simply holding onto the ETH, it swapped the tokens for $BTC through the cross-chain protocol THORChain.
One more detail: the funds have reportedly been traced to Tornado Cash, though that alone doesn't establish who controls the wallet or whether the entity is involved in any wrongdoing.
Wallet add: https://arkm.com/explorer/entity/e5a8f1c6-8738-4d9b-b766-4685e71f3e0c
So, is this another well-timed rotation, or just a change in strategy? Either way, the move from ETH into BTC is the part worth watching next.
This wallet is starting to look like it has a pretty interesting playbook. Sell ETH when prices are running hot, wait for the market to cool off, then come back in cheaper. And now, it seems the next move is toward Bitcoin. Back in January, the entity reportedly sold $ETH around $3,109. In September, it sold again near $2,679. Then came October, when ETH was bought back around $2,353.
Since October 23, the wallet has accumulated roughly 3,000.5 ETH worth $7.06 million. But instead of simply holding onto the ETH, it swapped the tokens for $BTC through the cross-chain protocol THORChain.
One more detail: the funds have reportedly been traced to Tornado Cash, though that alone doesn't establish who controls the wallet or whether the entity is involved in any wrongdoing.
Wallet add: https://arkm.com/explorer/entity/e5a8f1c6-8738-4d9b-b766-4685e71f3e0c
So, is this another well-timed rotation, or just a change in strategy? Either way, the move from ETH into BTC is the part worth watching next.