A whale or institution that has been selling Bitcoin to accumulate Ether added another 9,820 ETH over the past day, according to monitoring data cited by BlockBeats on Oct. 16. The entity first sold 288.9 BTC for 23.48 million USDC and then used the stablecoins to buy ETH. The latest move extends a five-day rotation that has seen the same whale steadily reduce its Bitcoin holdings and increase its Ether position. Over that period, the address sold a total of 1,601.1 BTC in exchange for $132 million in USDC, then bought 53,095 ETH. The average purchase price for those Ether acquisitions was $2,497, based on the monitoring update from Ember. The report characterized the buyer as a whale or institution and framed the activity as a continued BTC-to-ETH portfolio switch rather than a one-off trade.
A whale or institution that has been selling BTC to buy ETH continued the rotation over the past day, according to Ember monitoring data cited by BlockBeats on Oct. 16. The entity sold 288.9 BTC for 23.48 million USDC and then bought 9,820 ETH.
Five-day BTC-to-ETH rotation reaches 53,095 ETH
Over the past five days, the same whale or institution has sold a cumulative 1,601.1 BTC for $132 million in USDC while buying 53,095 ETH. The average entry price for those ETH purchases was $2,497.
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