Ethereum broke new highs around 4957 in the early morning, while Bitcoin spiked to 110484.

Many ancient BTC whales have suddenly started selling their BTC, which they have held for years to decades, and are switching to ETH. This shift after so many years of belief is a bit confusing.

The morning's drop may have been triggered by a certain Bitcoin whale selling over 2 billion dollars worth of BTC in favor of holding ETH.

This whale sold over 24,000 BTC, including coins that hadn't moved for more than 5 years. Just today, they sent over 12,000 BTC to the Hyperunite trading platform.

So far, they have sold over 2 billion dollars worth of BTC and are offloading all remaining BTC. Most of the funds have been moved to Ethereum, purchasing 2 billion dollars and collateralizing over 1.3 billion dollars.