Long-term Bitcoin investors are converting their assets to Ethereum.
In 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.
Long-term Bitcoin holders have sold over 22,700 BTC in the past 5 days to focus on ETH.
They have used the Hyperliquid platform to trade with a value reaching billions of USD.
They have purchased nearly 473,000 ETH and opened additional long positions on 135,000 ETH.
Who are the Bitcoin OGs and what transactions are they executing?
Bitcoin OGs refer to long-term investors who held 100,784 BTC from 7 years ago, worth about 642 million USD at that time, now valued at 11.4 billion USD.
In the past 5 days, this group sold about 22,769 BTC worth 2.59 billion USD on the Hyperliquid platform. At the same time, they bought 472,920 ETH worth 2.22 billion USD and opened additional long positions on 135,265 ETH worth 577 million USD. This is a notable shift from Bitcoin to Ethereum, reflecting a new trend in large cryptocurrency investment.
Why is this group switching from Bitcoin to Ethereum?
The withdrawal from Bitcoin and focus on Ethereum indicates an appreciation for Ethereum's growth potential compared to Bitcoin in the current phase.
Bitcoin is considered a long-term store of value, while Ethereum stands out with 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 diversification of portfolios with various cryptocurrencies.
"We are seeing a notable trend from Bitcoin to Ethereum as the Ether ecosystem continues to expand and develop sustainably."
- Cryptocurrency market analyst, August 2023 report
What is the role of Hyperliquid in this investment group's trading?
Hyperliquid is used as the trading platform for Bitcoin OGs to sell BTC and buy ETH, providing liquidity for transactions worth billions of USD.
Choosing Hyperliquid reflects a preference for liquidity and order processing speed in large transactions, also demonstrating the evolution of specialized exchanges for institutional cryptocurrency investors.
What is the impact of this transition on the cryptocurrency market?
The significant actions of Bitcoin OGs could create substantial impacts, increasing selling pressure on Bitcoin in the short term and pushing Ethereum's price higher.
This could influence new investment directions, enhancing interest in platforms with diverse applications and strong growth potential in the future, like Ethereum.
Frequently Asked Questions
Who are Bitcoin OGs?
These are investors who have held Bitcoin for over 7 years, with BTC holdings exceeding 100,000 and a current estimated value of over 11 billion USD.
Why did they switch to Ethereum?
Ethereum is 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 fast liquidity, facilitating large transactions in the cryptocurrency market.
How does selling Bitcoin affect the market?
Selling a large amount could create short-term downward pressure on Bitcoin while simultaneously redirecting capital flows to other cryptocurrencies like Ethereum.
How long did these transactions take?
The group of investors has conducted buying and selling transactions in the past 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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