On-chain analyst Ember reported that a whale or institutional entity that has been rotating out of Bitcoin and into Ether added to that trade again over the past day. The address sold another 246.2 BTC, valued at $20.36 million, and used the proceeds to buy 10,636 ETH.
Since the 11th, the same whale or institution has sold a cumulative 1,847.3 BTC over an 11-day period. According to Ember’s tracking, those sales were exchanged for 153 million USDC, which was then used to accumulate 63,731 ETH. The average purchase price for the ETH position was about $2,400.
The update points to a continued BTC-to-ETH rotation by the tracked entity, based on the on-chain activity cited in the Odaily report.
Odaily reported, citing on-chain analyst Ember, that a whale or institutional entity that has been selling BTC to buy ETH sold another 246.2 BTC over the past day, worth $20.36 million, and bought 10,636 ETH.
Since the 11th, the same whale or institution has sold a total of 1,847.3 BTC over 11 days, exchanged it for 153 million USDC, and then accumulated 63,731 ETH. The average purchase price was about $2,400 per ETH.
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