Crypto whale converts Bitcoin into Ether amid record highs

The recent move of a Bitcoin whale, who sold 670 BTC worth $76 million to bet on Ether, reflects significant changes in the dynamics of the crypto market. The holder, active for over seven years, controlled more than 14,800 BTC purchased from Binance and HTX.

The partial conversion of Bitcoin into Ether highlights a growing trend: major investors diversifying beyond Bitcoin and turning to the Ethereum ecosystem. The use of high leverage, up to 10x, shows both confidence in ETH’s potential and substantial exposure to risk.

This correlates directly with recent market developments. Bitcoin reached a new all-time high, while Ether approached its 2021 record, prompting aggressive speculative moves. However, volatility remains high: ETH’s drop below $4,100 brought three positions close to liquidation.

In the long term, institutional entry into ETH, including acquisitions worth hundreds of millions of dollars, may strengthen Ethereum’s legitimacy. The strategy of whales alternating between BTC and ETH suggests that both assets are now competing for the central role in the global crypto ecosystem.