Bitcoin has become 'stable'! Speculators are shifting to new markets, and a BTC whale that has been dormant for 7 years has exchanged 300 million ETH

Bitcoin has recently become a bit 'different'! According to BlockBeats, on August 22, Bytetree Asset Management analysts said that Bitcoin's volatility has decreased significantly — ten years ago, it could fluctuate nearly 200% in a year, but now its annualized volatility is only 38%.

Previously, Bitcoin was the 'troublesome' character in the financial world, but now it is becoming more 'steady', with much less extreme volatility. Analysts also mentioned that with Wall Street investors who 'buy and hold for the long term' entering the market, Bitcoin's temperament is increasingly resembling that of traditional large-cap stocks, indicating that the crypto market is entering a new phase.

While Bitcoin is becoming 'stable', speculative traders are starting to move to new markets, and over in the crypto space, there has been a major development: according to Foresight News, a BTC 'ancient whale' (a big player holding a large amount of Bitcoin) that has been dormant for 7 years has recently been busy exchanging Bitcoin for ETH.

In less than a week, this whale has exchanged part of their BTC for 71,108 ETH through decentralized exchanges. At the current price, these ETH are worth about $304 million. Not only did they switch their holdings, but they also 'went long' on ETH through 5 addresses, roughly betting $578 million, holding 135,265 ETH, although they are currently down about $2.13 million.

Even more impressive is that if this whale exchanges all 85,859 BTC for ETH, they would directly rank first on the ETH chain's holding list, surpassing the current holding champion BMNR. After this operation, many are speculating: why did the whale suddenly increase their position in ETH? Are they optimistic about ETH's upcoming market?