On-chain monitor Ember reported that a whale or institutional address that has been consistently selling BTC to accumulate ETH kept up the same trade over the past 24 hours. The address swapped 288.9 BTC for 23.48 million USDC and then used the proceeds to buy 9,820 ETH.
Over the past five days, the same entity has sold a total of 1,601.1 BTC in exchange for 132 million USDC. It has then accumulated 53,095 ETH at an average purchase price of $2,497, according to Ember’s tracking. The activity points to a continued rotation out of BTC and into ETH by the address being monitored.
According to Ember monitoring cited by ChainCatcher, a whale or institutional address that has been persistently selling BTC to buy ETH continued the strategy over the past 24 hours, swapping 288.9 BTC for 23.48 million USDC before purchasing 9,820 ETH.
Over the past five days, the entity has sold a cumulative 1,601.1 BTC for 132 million USDC and accumulated 53,095 ETH at an average price of $2,497.
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