- Ancient BTC whale swaps for ETH, affecting market pricing.
- Whale’s actions triggered price volatility.
- Profitable swap impacts BTC and ETH values.
The ancient Bitcoin whale’s swap from BTC to ETH has yielded a floating profit exceeding $16.9 million. The transaction involved converting more than $4 billion of BTC, significantly impacting market dynamics and liquidity across major exchanges.
A long-standing Bitcoin whale recently conducted an asset swap, exchanging a significant portion of BTC to ETH, achieving a floating profit exceeding $16.9 million, according to verified on-chain analyses and exchange reports.
The event holds significance due to the substantial shift of funds, impacting asset prices and trader strategies amidst increased volatility.
The Bitcoin “ancient whale”, known for holding ~$11 billion in BTC, recently conducted an ETH swap, resulting in a profit of over $16.9 million. Their multi-billion-dollar BTC-to-ETH swap affected both tokens’ market dynamics.
Major multi-billion dollar Bitcoin holders, previously dormant, are reallocating assets towards Ethereum. The whale’s recent activity includes selling 35,991 BTC in August and transferring 1,176 BTC in October, stirring market speculation.
“Cryptocurrency investors should learn from traditional finance, rather than relying solely on narratives and personal emotions to make investment decisions…” — Garrett Jin, Whale & Investor
The whale’s asset rotation caused increased volatility across Bitcoin and Ethereum markets, with BTC’s price near $116,000 down from its August high. Ethereum saw a notable price rise against Bitcoin amid these transactions.
The financial markets reacted with heightened volatility, influencing cryptocurrency investors and other dormant wallets to reactivate. On-Chain data did not show explicit changes in DeFi protocol TVL.
These shifts underscore potential outcomes in market strategies and regulations. Analysts emphasize the need for investors to learn from traditional finance, predicting ongoing impacts on asset flows and market leadership dynamics.
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