Someone’s quietly converting all their BTC into ETH. I took a closer look, and it’s pretty interesting.
This guy hasn’t let up for 11 days.
According to on-chain analyst Ember’s tracking this morning,
over the past day he sold another 246.2 $BTC ,
worth about $20.36 million,
and used the proceeds to buy 10,636 $ETH .
Since October 11,
he’s sold a total of 1,847.3 BTC,
received $153 million in USDC in return,
and then gradually bought 63,731 ETH,
at an average price of around $2,400.
The route is pretty convoluted, too.
The BTC was withdrawn from HTX a year and a half ago,
then moved to Hyperliquid and sold for USDC,
before being bridged back to Ethereum mainnet to gradually accumulate ETH.
Not all in one big purchase—
it’s been split up and converted bit by bit.
What’s interesting is the timing.
ETH spot ETFs saw $1.08 billion in outflows in October,
their worst month of the year.
ETH/BTC had also fallen for five straight weeks recently.
Most people have been bearish on ETH,
but he’s shifting his BTC holdings into ETH right here.
I don’t think this necessarily means he’s calling a bottom.
No matter how large one address is,
it can’t represent the whole market.
And with an average price of $2,400,
ETH is hovering around $2,470 now,
so he hasn’t built up much of a safety cushion.
I’d rather see it as an example of diverging views.
Institutional ETFs are selling,
while a major on-chain holder is rotating into ETH.
BTC is also stuck below resistance around $84,800.
Who’s right?
We’ll have to see whether ETF outflows can stop first,
and whether ETH can hold above $2,500.
What do you make of this rotation?
Is he positioning early for ETH to catch up,
or does he simply think BTC is unlikely to rise in the short term?
$BTC $ETH #比特币 #以太坊 #On-chain data
Not investment advice. DYOR. Trading involves risk.
This guy hasn’t let up for 11 days.
According to on-chain analyst Ember’s tracking this morning,
over the past day he sold another 246.2 $BTC ,
worth about $20.36 million,
and used the proceeds to buy 10,636 $ETH .
Since October 11,
he’s sold a total of 1,847.3 BTC,
received $153 million in USDC in return,
and then gradually bought 63,731 ETH,
at an average price of around $2,400.
The route is pretty convoluted, too.
The BTC was withdrawn from HTX a year and a half ago,
then moved to Hyperliquid and sold for USDC,
before being bridged back to Ethereum mainnet to gradually accumulate ETH.
Not all in one big purchase—
it’s been split up and converted bit by bit.
What’s interesting is the timing.
ETH spot ETFs saw $1.08 billion in outflows in October,
their worst month of the year.
ETH/BTC had also fallen for five straight weeks recently.
Most people have been bearish on ETH,
but he’s shifting his BTC holdings into ETH right here.
I don’t think this necessarily means he’s calling a bottom.
No matter how large one address is,
it can’t represent the whole market.
And with an average price of $2,400,
ETH is hovering around $2,470 now,
so he hasn’t built up much of a safety cushion.
I’d rather see it as an example of diverging views.
Institutional ETFs are selling,
while a major on-chain holder is rotating into ETH.
BTC is also stuck below resistance around $84,800.
Who’s right?
We’ll have to see whether ETF outflows can stop first,
and whether ETH can hold above $2,500.
What do you make of this rotation?
Is he positioning early for ETH to catch up,
or does he simply think BTC is unlikely to rise in the short term?
$BTC $ETH #比特币 #以太坊 #On-chain data
Not investment advice. DYOR. Trading involves risk.