A Bitcoin (BTC) whale is making significant purchases of Ethereum (ETH), with its holdings surpassing those of the world's second-largest corporate crypto custodian, indicating that large investors are shifting towards cryptocurrencies with greater upside potential.
This Bitcoin (BTC) whale, valued at over $11 billion, has sold $215 million worth of Bitcoin (BTC) and purchased $216 million in spot Ethereum (ETH) on the decentralized exchange Hyperliquid.
According to Lookonchain's announcement on the X platform on Monday, after the latest purchase, the whale now holds 886,371 Ethereum (ETH), with a total value exceeding $4 billion.
Nicolai Sondergaard, a research analyst at the Nansen crypto intelligence platform, noted in an interview with Cointelegraph that the growing demand for Ethereum (ETH) among whales reflects a "natural rotation" in the market towards Ethereum (ETH) and other altcoins with greater upside potential. The continuous accumulation of Ethereum (ETH) by enterprises has also contributed to its price increase.
According to Cointelegraph, this $11 billion Bitcoin (BTC) whale began rotating funds into Ethereum (ETH) on August 21, selling $2.59 billion in Bitcoin (BTC) to purchase $2.2 billion in spot Ethereum (ETH) and $577 million in long positions on Ethereum (ETH) perpetual contracts.
Last Monday, the whale closed $450 million in long positions on Ethereum (ETH) at an average price of $4,735, realizing a profit of $33 million, and subsequently bought an additional $108 million in spot Ethereum (ETH).
Cointelegraph reported that this multi-billion dollar fund rotation has attracted other large investors, including nine "giant" whale addresses that collectively purchased $456 million in Ethereum (ETH) on Wednesday.
Some cryptocurrency whales now hold more than certain corporate crypto custodians.
After the latest investment, this mysterious whale's total value of Ethereum (ETH) holdings reached $4 billion, surpassing the portfolio of SharpLink Gaming, the world's second-largest corporate holder, which currently holds over 797,000 Ethereum (ETH) valued at $3.5 billion.
However, data from strategicethereserve.xyz shows that the whale's holdings are only about half of those held by the leading corporate Ethereum (ETH) holder, Bitmine Immersion, which holds 1.8 million Ethereum (ETH) worth over $8 billion.
Farside Investors data indicates that as demand rises, spot Ethereum (ETH) exchange-traded funds (ETFs) have accumulated over $1.8 billion in Ethereum (ETH) over the past five trading days.
Iliya Kalchev, an analyst at the digital asset platform Nexo, stated in an interview with Cointelegraph: "Institutional investors are expanding their investment focus from Bitcoin (BTC) to other cryptocurrencies."
The analyst told Cointelegraph: "In terms of cryptocurrency, the trend is very clear—short-term volatility is still influenced by macro news, but the long-term momentum of structural applications, institutional capital inflows, and tokenized finance remains strong."
Related: Opinion: The Supreme Court greenlights crypto wallet monitoring; privacy must be on-chain
Original article: “Bitcoin (BTC) whale with $11 billion in holdings bets $4 billion on Ethereum, surpassing SharpLink”
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