On-chain analyst Ember said a whale or institution that has been rotating out of Bitcoin and into Ether sold another 246.2 BTC over the past 24 hours, with the sale valued at $20.36 million, and used the proceeds to buy 10,636 ETH. Ember’s tracking shows the same entity has been carrying out the trade over multiple days rather than in a single move.
Since the 11th, the whale or institution has sold a cumulative 1,847.3 BTC over an 11-day period. Those sales were converted into 153 million USDC, which was then used to purchase 63,731 ETH. The average entry price for the ETH buys was about $2,400, according to the monitoring data cited by ChainCatcher.
The update adds another data point to a transaction pattern already flagged on-chain: reducing BTC exposure, moving into USDC, and then building an ETH position. No additional identity details about the whale or institution were disclosed in the report.
ChainCatcher reported, citing monitoring by on-chain analyst Ember, that a whale or institution that has been selling BTC to buy ETH sold another 246.2 BTC over the past day. The transaction was valued at $20.36 million, and the entity then bought 10,636 ETH.
According to Ember’s data, since the 11th, the same whale or institution has sold a total of 1,847.3 BTC over 11 days, converted the proceeds into 153 million USDC, and then bought 63,731 ETH. The average purchase price for those ETH buys was about $2,400.
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