The cryptocurrency market witnessed a massive deal after a major Bitcoin investor, known as a 'whale', sold 4,000 Bitcoin worth $460 million in exchange for huge amounts of Ethereum. The value of these holdings has risen to $806 million today, indicating profits exceeding $100 million. This move has sparked speculation about the potential shift in market shine from Bitcoin to Ethereum and other altcoins.

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Whale's investment details in Ethereum. According to Lookonchain data on platform X, this whale currently holds 179,448 ETH at an average purchase price of $4,490 per coin. His holdings are distributed as follows:

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$BNB

A$ETH

Long positions include 135,265 ETH worth $581 million, realizing unrealized profits of $58 million.

122,226 ETH held directly at a purchase price of $4,377, with additional unrealized gains of $42 million.

Notably, the whale sold 300 Bitcoin for $34.8 million on the Hyperliquid platform just an hour ago and converted it into more Ethereum, enhancing his investment in the second-largest cryptocurrency.

One of the largest transfers from Bitcoin to Ethereum, this deal is one of the most notable recent moves made by a whale known for converting his funds from Bitcoin to Ethereum. With profits exceeding $100 million, many analysts see this step as a strong signal of confidence from major investors in the future of Ethereum.

Parallel institutional movements in the market. It is not only individuals who are moving; institutional entities like Matrixport have also been active, withdrawing 95,873 ETH from exchanges worth $452 million, alongside purchasing 2,300 Bitcoin worth $272 million.

Bitcoin stability despite selling pressures. Despite these movements, the price of Bitcoin remained relatively stable at $114,800, indicating strong demand and clear support above $110,000. This reflects that the market still maintains a healthy balance between selling and buying forces.

Indications of a shift in the landscape. These developments may indicate a gradual shift in the balance of power between Bitcoin and Ethereum. If the trend of whales increasing their positions in Ethereum continues, we may witness a noticeable rise in altcoins at the expense of Bitcoin's dominance.