The “Bitcoin OG”, which began to turn its fortune of $ 11.4 billion to Ether in August, has continued to buy ETH over the weekend and now has $ 3.8 billion, as shown by the data of the chain.
In its last movement, the Bitcoin whale sold 4,000 Bitcoin (BTC) worth $ 435 million, exchanging it for 96,859 Ether Spot in a 12 -hour waste, said Lookonchain in a position on Sunday.
The whale after deposited another 1,000 bitcoin in decentralized exchange hyperlycides on Monday, potentially for more ether purchases (ETH).
The Blockchain analysis service noticed the whale on August 25 and calculated its total holdings at 100,784 Bitcoin, for a value of more than $ 11.4 billion at current prices.
The “Bitcoin OG” joins a series of other whales that have been exchanging Bitcoin and buying ether for the first time. Analysts told Cointegraph that it is a sign that the market is maturing and that whales are diversifying in the light of positive regulatory movements in the United States.
Whales that diversify as the impulse of eth is built
In statements to Cointegraph, Henrik Andersson, investment director of the Apollo Crypto investment firm, said it is difficult to know what individual whales are thinking, but historically, there have been a rotation of the Bitcoin market to Ether, then to Altcoins.
“After the genius bill and pro-US regulations, there is more seriousness behind some Altcoins, especially Ethereum, and could be some whales that choose to diversify in light of the positive backdrop,” he said.
In July, President Donald Trump then signed Genius law. The legislation focuses on Stablecoins and is the first federal law of the country focused exclusively on Stablecoins payment.
Andersson said Ether has been winning impulse since then. He reached a new historical maximum on August 24, crossing over $ 4,946, according to Coingcko. The Token is now quoted at $ 4,389, 1.2% less in the last 24 hours.
“Bitcoin has been going sideways for months, while there is a real impulse for Ethereum. We have seen the ETF flows in August greatly favoring Ethereum. In our opinion, this is likely to continue in the medium term.”
Crypto is no longer a bitcoin career of a horse
Ryan McMillin, Investment Director of Merkle Tree Capital, Investment Director of Australian crypto, told Cointelegraph that, although Bitcoin holders of Long Data are diversifying in Ether, it is not an abandonment of the Token; Instead, it is a recognition that the cryptographic landscape has matured.
“After years of possession, many OG Ven Bitcoin whales as digital gold, while Ether offers performance through bets and exposure to the broader intelligent contractual economy,” he said.
“For Bitcoin veterans, assigning Ether is less about pursuing exaggeration and more to recognize that digital assets is no longer about storing value, but a multipotocol ecosystem with a set of diverse and growing cases of use.”
However, McMillin said not all OG whales are turning; Most keep his exposure to Bitcoin intact. It is only this subset that indicates that the ether has become a retention nucleus instead of a speculative lateral commitment.
Related: The OG Bitcoiners are rotating, but it is a healthy dynamic: analysts
At the same time, he speculates that other Altcoins could see some tickets of Bitcoin whales also, with the time that suggests a “classical rotation of the high season”, when Bitcoin is strong and some capital “flows naturally to ETH as investors look for a relative value.”
“If the Eth rotation gathers the impulse, it would not be surprising to see that the flows extend to Solana (Sun) below, given their traction in the consumption and defi applications.”
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