Long-term Bitcoin investors are shifting their assets to Ethereum.
Over the past seven years, the group holding 100,784 BTC worth over 11.4 billion USD is now selling Bitcoin and focusing on accumulating Ethereum.
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Bitcoin OGs sold over 22,700 BTC in the past 5 days to focus on ETH.
They used the Hyperliquid platform to trade with values in the billions of USD.
They bought nearly 473,000 ETH and opened additional long positions of over 135,000 ETH.
Who are the Bitcoin OGs and what trades are they executing?
Bitcoin OGs refer to long-term investors who own 100,784 BTC from 7 years ago, which was worth about 642 million USD at that time, now valued at 11.4 billion USD.
In the last 5 days, this group has reported selling about 22,769 BTC with a total value of 2.59 billion USD on the Hyperliquid platform. At the same time, they bought 472,920 ETH worth 2.22 billion USD and opened an additional long position of 135,265 ETH valued at 577 million USD. This is a significant shift from Bitcoin to Ethereum, reflecting a new trend in large cryptocurrency investment.
Why is this group shifting from Bitcoin to Ethereum?
The withdrawal from Bitcoin and the push to accumulate Ethereum indicate an appreciation for Ethereum's growth potential compared to Bitcoin in the current phase.
Bitcoin is seen as a long-term store of value, while Ethereum stands out for its ability to support decentralized applications and technological improvements like Ethereum 2.0. The actions of these veteran investors may stem from deep analysis of growth potential and portfolio diversification with various cryptocurrency assets.
"We are seeing a notable trend of shifting from Bitcoin to Ethereum, as the Ether ecosystem continues to expand and develop sustainably."
– Cryptocurrency market analyst, August 2023 report
What role does Hyperliquid play in this investment group's trading?
Hyperliquid is used as the trading platform for the Bitcoin OGs to sell BTC and buy ETH, providing liquidity for transactions worth billions of USD.
Choosing Hyperliquid shows a preference for liquidity and order processing speed in large transactions, while also demonstrating the development of specialized exchanges for institutional cryptocurrency investors.
What is the impact of this shift on the overall cryptocurrency market?
The major actions of the Bitcoin OGs can create significant impacts, increasing selling pressure on Bitcoin in the short term and pushing Ethereum's value higher.
This could influence a new direction for investment flows, increasing interest in platforms with diverse applications and stronger growth potential in the future, such as Ethereum.
Frequently Asked Questions
Who are the Bitcoin OGs?
These are investors who have held Bitcoin for more than 7 years, with BTC holdings exceeding 100,000, and a current estimated value of over 11 billion USD.
Why are they shifting to Ethereum?
Ethereum is highly valued for application development and technology, helping veteran investors diversify their portfolios and seek new profit opportunities.
What is Hyperliquid?
Hyperliquid is a trading platform that supports quick liquidity, convenient for large transactions in the cryptocurrency market.
How does selling Bitcoin affect the market?
Selling a large quantity can create short-term downward pressure on Bitcoin while redirecting capital flows to other cryptocurrencies like Ethereum.
How long did these transactions take place?
The group of investors has executed buy and sell transactions in the last 5 days, with a total value reaching billions of USD.
Source: https://tintucbitcoin.com/ca-voi-ban-btc-doi-eth-ty-do/
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