At around 10 AM today, the crypto market's on-chain data suddenly experienced a significant anomaly - according to real-time tracking from multiple platforms like Nansen and Glassnode, a mysterious address labeled 'XX Top 10 Whale' (address: 0x8XXX…3F2) completed a large cross-coin rebalancing for the first time in nearly half a year: selling 4,000 BTC in just 1 hour, while simultaneously buying 96,533 ETH, with a total transaction amount exceeding $360 million, sparking hot discussions in the on-chain community.

1. Whale Operation Details: Data breakdown is even more shocking

Looking at 'quantities' alone isn't intuitive enough? We can convert it based on today's average market price (BTC about $41,000/piece, ETH about $2,050/piece), making the 'capital scale' of this operation more impactful:


  • Sell BTC: 4,000 pieces × $41,000 = $164 million, cash-out funds transferred to Coinbase in 3 batches, with no concentrated dumping observed (avoiding drastic short-term market fluctuations);

  • Buy ETH: 96,533 pieces × $2,050 ≈ $197.9 million, after funds were transferred out of the exchange, they were absorbed into the market in 5 small transactions, which did not significantly impact the current ETH price around $2,100;

  • Position Changes: After rebalancing, the whale's BTC holdings decreased from 12,000 pieces to 8,000 pieces, while ETH holdings surged from 150,000 pieces to 246,000 pieces, making it one of the top 20 personal addresses by ETH holdings.

2. Key Background: This operation took place at a 'market crossroads'

The whale's decision to rebalance at this time is not coincidental - the current crypto market is in a critical fluctuation period, making this operation even more suspenseful:


  • BTC Market Checkpoint: This morning, BTC surged to $43,000, but quickly retraced due to 'US CPI data expectations', stabilizing around $41,500 at noon, which is precisely the fluctuation center of the past month;

  • ETH Potential Catalysts: Recent favorable news for the ETH ecosystem - Layer 2 total locked value exceeded $30 billion, Cancun upgrade countdown (expected Q3 launch), and institutional ETH ETF application progress accelerated, raising market expectations for ETH's 'mid-term narrative';

  • Whale Historical Style: According to on-chain retrospection, this whale has consistently held 'high positions in BTC' since February 2024, only making small wave trades during this period; this is the first significant 'reduce BTC and increase ETH' operation, which has strong signaling implications.

3. Community Discussion: What are the whales betting on?

This wave of 'selling BTC for ETH' operations has already sparked two main core discussion directions in the crypto community:


  • Bullish Camp: Believes the whale is betting on 'ETH Cancun upgrade + ETF expectations', preemptively laying out for ETH's 'ecological dividend period', after all, the current ETH/BTC exchange rate is still at a near one-year low (about 0.05), leaving room for recovery;

  • Cautious Camp: Speculates that the whale may be 'short-term risk avoidance' - BTC has recently been affected by Federal Reserve policies, Grayscale selling pressures, and other factors, increasing volatility. Temporarily switching to ETH to avoid a pullback does not indicate a long-term bearish outlook for BTC;

  • Data Evidence: As of press time, ETH has seen a net inflow of $52 million after whale operations (BTC has a net outflow of $38 million), with some retail investors beginning to follow the 'rebalancing rhythm'.

Lastly, I want to ask: Do you think this whale operation is a 'signal of direction' or 'routine rebalancing'?

If ETH can truly break through $2,200 with this wave of capital enthusiasm, would you choose to follow or observe?

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