A seasoned Bitcoin (BTC) whale has offloaded part of its assets and made a substantial bet on Ethereum’s (ETH) future.
This decision aligns with Ethereum’s rising popularity among investors, who increasingly view it as outperforming Bitcoin during what analysts are dubbing an Ethereum season.
Bitcoin Whale Shifts to Ethereum During ‘Ethereum Season’
In a recent update on X (formerly Twitter), Lookonchain, a blockchain analytics company, noted that the whale had acquired 14,837 BTC seven years ago from HTX and Binance at an average price of $7,242. Initially valued at $107.5 million, this stack is now worth over $1.6 billion.
The veteran whale transferred 670.1 BTC valued at $76 million to Hyperliquid, a decentralized perpetual trading platform, before selling it. Following this transaction, the whale initiated long positions totaling 68,130 ETH (approximately $295 million) across four wallets, utilizing leverage of up to 10x on most trades.
“Bro knows BTC is cooked and it’s time for ETH now,” stated an analyst.
Latest market data from HypurrScan reveals that all of the whale’s wallets are currently experiencing unrealized losses amounting to $1.8 million.
This move towards ETH reflects confidence in its upward momentum, fueled by the continued rally of the cryptocurrency. Ethereum outperformed Bitcoin in Q2 of this year, and so far in Q3, this trend persists.
According to Coinglass data, ETH has recorded a return of 71.91% in the third quarter thus far, starkly contrasting with BTC’s return of 6.28%.
Earlier this week, BeInCrypto reported a notable influx of capital into Ethereum ETFs, condensing what would typically take a year of growth into just six weeks.
“Ether ETFs Turn Bitcoin Into ‘Second Best’ Crypto Asset in July,” tweeted Bloomberg’s senior ETF analyst Eric Balchunas.
Institutional interest is increasingly shifting from Bitcoin to Ethereum, with BeInCrypto observing a stark decline in firms acquiring Bitcoin for their treasuries, now averaging only 2.8 companies per day.
Conversely, Ethereum and other altcoins are garnering heightened attention from corporate investors. Additionally, recent data from the Strategic ETH Reserve website shows a significant increase in ETH holdings by various entities, jumping from $6 billion to $17 billion in just the past month, marking an increase of 183%.
The growing preference for ETH amid the ‘Ethereum Season’ indicates that the asset is capturing significant market investments. Experts suggest this phase represents the second segment of the market cycle, after which capital may flow into other cryptocurrencies, signaling the apex of the altseason.
The post Old Bitcoin Whale Diverts Capital to Ethereum Amid Rising Interest appeared first on BeInCrypto.
