Add as a preferred source on Google837.8 BTC Rotated Into 27,500 ETH in On-Chain Shift
The Ether purchases totaled about $69.68 million at an average price of $2,534. The Bitcoin was converted into USDC before the funds moved across networks.
A whale or institution has rotated 837.8 Bitcoin (BTC) into 27,500 Ether (ETH), shifting exposure between the two largest crypto assets in a transaction valued at about $69.68 million.
The Ether purchases were made at an average price of $2,534. The activity represents a cumulative sale of the Bitcoin position and a corresponding accumulation of ETH.
The transaction route began with Bitcoin withdrawn from HTX about 1 1/2 years ago. The BTC was later sent to Hyperliquid and converted into USDC, a dollar-pegged cryptocurrency. The USDC then moved to Arbitrum before being bridged to Ethereum, where the ETH purchases were completed on-chain.
The transactions reflect a repositioning between Bitcoin and Ether.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.