 
 
A multi-billionaire OG Bitcoin holder is selling a bulk of their long-held BTC gains while increasing their stake in Ethereum (ETH), signaling that wealthy investors anticipate more upside from the world’s second-most valuable cryptocurrency.
The Bitcoin whale that recently awakened from a seven-year slumber and then purchased $2.5 billion worth of ETH, transferred another $1.1 billion on Friday, and resumed purchasing Ether.
“A whale holding over $5 billion of BTC is currently buying ETH,” blockchain sleuth Arkham Intelligence wrote in a Friday X post. “He just moved $1.1 billion of BTC to a new wallet and has started purchasing ETH through Hyperunit/HL. This whale bought $2.5 billion of ETH last week, and he’s still buying.”
The address ending in “eCb43” first received 1,000 BTC valued at around $108.2 million across two transactions. Shortly afterward, the whale started selling small batches of Bitcoin and buying spot Ethereum.
The growing whale demand for the world’s second-largest cryptocurrency signals the market’s “natural rotation” into Ether and other altcoins with more upside potential.
 
Whale demand for Ether increased over the past month, as ETH’s price jumped almost 12%, outperforming Bitcoin’s 8.5% drop over the past 30 days, CoinGecko data shows. Spot crypto exchange-traded funds (ETFs) have shown a similar trend, where flows into spot ETH ETFs have overshadowed those of Bitcoin ETFs recently.
The Friday switchout from Bitcoin to Ethereum is not an isolated incident. Last week, another Bitcoin whale rotated part of its 100,784 BTC stack to acquire 62,914 ETH and create a 135,265 Ether derivatives long position after seven years of dormancy.
Analysts pointed to the billions of dollars rotating from BTC to ETH as the main reason behind Bitcoin’s latest price correction.
Both BTC and ETH are down by around 2% on Saturday, trading hands for $108,338 and $4,379, respectively.
Source: https://zycrypto.com/5-billion-bitcoin-whale-bets-big-on-ether-upside-selling-another-1-1-billion-of-btc-to-buy-eth/