Older Bitcoin (BTC) whales sell some of their holdings and have placed a big bet on the potential of Ethereum (ETH).
This move comes as Ethereum continues to attract considerable investors’ attention, outperforming Bitcoin, in what market analysts are calling the Ethereum season.
Bitcoin Zilla moves to Ethereum during “Ethereum Season”
In a recent post about X (formerly Twitter), blockchain analytics firm Lookonchain highlighted that Whale had acquired 14,837 BTC from HTX seven years ago, and acquired vinance at an average price of $7,242. The stack, which was subsequently valued at $107.5 million, is now worth more than $1.6 billion.
The old whales deposited 670.1 BTC worth $76 million from their mountains to high-rise liquids to a decentralized permanent trading platform, and then sold. After sale, the whales opened a long position of 68,130 ETH (approximately $295 million) in four wallets. Whales used up to 10x leverage in most transactions.
“Bro knows that BTC is being cooked, and it’s ETH time,” the analyst wrote.
According to Hypurrscan’s latest market data, all of his wallets are currently at an unrealized loss of $1.8 million in total.
Meanwhile, this diversification into ETH suggests confidence in an upward trajectory that could be affected by Ethereum’s ongoing gatherings. Altcoin surpassed Bitcoin in the second quarter of this year. Furthermore, this pattern has remained so far in the third quarter.
Coinglass data showed that ETH had so far produced a 71.91% return in the third quarter. This was in contrast to the 6.28% return on BTC.
Earlier this week, Beincrypto reported that Ethereum ETFS sees a rapid influx of capital, condensing growth over a year into just six weeks.
“Ether ETF will turn Bitcoin into the ‘second best’ Crypto Asset in July,” posted by Eric Bulknath, a senior ETF analyst at Bloomberg.
Furthermore, institutional interest is gradually shifting from Bitcoin to Ethereum. Beincrypto highlighted that there has been a significant decline in the number of companies acquiring Bitcoin for the Treasury, while only companies purchasing Bitcoin per day have seen a significant decline.
In contrast, Ethereum and other Altcoins continue to attract attention from corporate investors. Furthermore, the latest data from the Strategic ETH Reserve website shows a significant surge in ETH holdings by entities, reflecting a 183% increase, up from just $6 billion last month to $17 billion.
ETH’s preference lies in the “Ethereum season,” when assets gained major market investments. Experts believe this is the second stage of the market cycle, after which capital flows into other coins, signaling the peak of the alter season.
The old Bitcoin Zilla diverts capital to Ethereum amid growing interest.
