A whale/institution has been steadily rotating its BTC holdings into ETH: over the past day, it sold another 246.2 $BTC (about $20.36 million), then bought 10,636 $ETH .
In the 11 days since the 11th, the institution has sold a total of 1,847.3 #BTC , receiving about 153 million USDC, which it used to buy ETH—building a position of 63,731 #ETH at an average purchase price of about $2,400.
In short, this is a position rotation spanning several days: reducing BTC holdings on one side while systematically shifting funds into ETH on the other.
In the 11 days since the 11th, the institution has sold a total of 1,847.3 #BTC , receiving about 153 million USDC, which it used to buy ETH—building a position of 63,731 #ETH at an average purchase price of about $2,400.
In short, this is a position rotation spanning several days: reducing BTC holdings on one side while systematically shifting funds into ETH on the other.