And converted it into more Ethereum, which enhanced his investment volume in the second largest digital currency.
One of the largest transfers from Bitcoin to Ethereum This transaction is one of the most prominent recent moves made by a whale known for transferring his funds from Bitcoin to Ethereum. With profits exceeding the $100 million mark, many analysts see this move as a strong signal of confidence among big investors in the future of Ethereum.
Parallel institutional movements in the market It's not just individuals; institutional entities like Matrixport have also moved their funds, withdrawing 95,873 ETH from platforms worth $452 million, simultaneously purchasing 2,300 Bitcoin worth $272 million.
Bitcoin's stability despite sell-offs Despite these movements, the price of Bitcoin remained relatively stable at $114,800, indicating strong demand and clear support above the $110,000 level. This reflects that the market still maintains a healthy balance between selling and buying forces.
Indications of a shift in the scene These developments may mean that we are witnessing a gradual shift in the balance of power between Bitcoin and Ethereum. If the trend of whales towards increasing their positions in Ethereum continues, we may see a noticeable rise in alternative currencies at the expense of Bitcoin's dominance.
