An old Bitcoin (BTC) investor sold part of their holdings and heavily bet on the potential of Ethereum (ETH).
This movement occurs as Ethereum continues to attract substantial interest from investors and surpasses Bitcoin amid what market analysts are calling the Ethereum season.
In a recent post on X (formerly Twitter), Lookonchain, a blockchain analysis company, highlighted that the investor acquired 14,837 BTC seven years ago from HTX and Binance at an average price of $7,242. The amount, then valued at 107.5 million dollars, is now worth over 1.6 billion dollars.
The old investor deposited 670.1 BTC, valued at 76 million dollars, from their stack on Hyperliquid, a decentralized perpetual trading platform, and subsequently sold them. After the sale, the investor opened long positions totaling 68,130 ETH (approximately $295 million) across four wallets. The investor used leverage of up to 10x on most trades.
"Bro knows that BTC is saturated and now it's ETH's turn,” wrote an analyst.
Ethereum positions of the Bitcoin OG Whale. Source: X/Lookonchain
Bitcoin whale migrates to Ethereum amid 'Ethereum season'
According to the latest market data from HypurrScan, all of its wallets are currently with unrealized losses totaling 1.8 million dollars.
Meanwhile, this diversification into ETH suggests confidence in its upward trajectory, potentially influenced by Ethereum's recent rally. The altcoin outperformed Bitcoin in the second quarter of this year. Additionally, so far in the third quarter, this pattern continues.
Coinglass data showed that ETH posted a return of 71.91% in the third quarter so far. This strongly contrasted with BTC's return of 6.28%.
Returns of Bitcoin vs. Ethereum. Source: Coinglass
Earlier this week, BeInCrypto also reported that Ethereum ETFs saw a rapid influx of capital, condensing what would normally take a year of growth into just six weeks.
"Ether ETFs turn Bitcoin into the 'second best' crypto asset in July," posted Eric Balchunas, senior ETF analyst at Bloomberg.
Moreover, institutional interest is progressively shifting from Bitcoin to Ethereum. BeInCrypto highlighted that companies acquiring Bitcoin for their treasuries have significantly decreased, with only 2.8 companies buying Bitcoin per day.
In contrast, Ethereum and other altcoins continue to attract attention from corporate investors. Furthermore, recent data from the Strategic ETH Reserve website indicated a significant increase in ETH holdings by entities, rising from 6 billion to 17 billion dollars in just the last month, reflecting an increase of 183%.
The preference for ETH comes amid the 'Ethereum Season', which has seen the asset capture large market investments. Experts believe this is the second phase of the market cycle, after which capital will flow into other coins, signaling the peak of altseason.
The article Investor surprises by swapping Bitcoin for Ethereum was first seen on BeInCrypto Brazil.
