Bitcoin whale surprises the market by injecting $76 million into Ethereum after 7 years of silence. One of the largest Bitcoin whales surprised the cryptocurrency market after selling 670 Bitcoin worth $76 million, strongly shifting towards investing in Ethereum through long-term buying positions, according to data from the Lookonchain platform.

The seasoned whale, who has held a wallet containing 14,837 Bitcoin worth over $1.6 billion for more than seven years, utilized a portion of its holdings to purchase around 68,130 Ethereum at levels close to $4,300 for the coin, mostly with 10x leverage.

However, the price of Ethereum quickly dropped to $4,080, putting three trades on the brink of liquidation. Nevertheless, the digital asset later regained some of its gains, trading at $4,287, up 2.9% over 24 hours.

The move coincided with a wave of selling from other whales exceeding 34,000 Ethereum, while major institutions took advantage of the dip to bolster their positions, most notably BitMine Immersion Technologies, which increased its holdings to 1.52 million Ethereum worth $6.6 billion.$BTC #StrategyBTCPurchase