A large-value crypto investor has moved much of its Bitcoin investment to Ethereum, marking one of the biggest asset swaps recorded in the blockchain over the last few months. The investor's digital wallet, worth over $11 billion, has now stocked over $4 billion of Ether. This places them above SharpLink Gaming, the second-largest corporate holder of ETH at the moment.
The trend indicates increased institutional and individual whale interest in Ethereum as players look beyond Bitcoin. The investor's activity is associated with more general trends as Ethereum keeps gaining momentum, thanks to the growing capital flow of exchange-traded funds and other large organizations diversifying their crypto holdings.
According to blockchain analytics company Lookonchain, the whale purchased 216 million dollars of spot Ether in the decentralized exchange Hyperliquid. This acquisition is part of a broader asset rotation that started on August 21, when the investor sold $2.59 billion of Bitcoin to purchase $2.2 billion of ETH. The investor also maintained an unchanging long position of $577 million in ETH.
The investor then sold off the entire long position (worth $450 million) at an average ETF price of $4,735 and made a profit of $33 million. Soon after, they reinvested $108 m in a spot Ether, and total ETH holdings went up to 886,371 tokens. Other large investors also exhibit similar behavior in on-chain data. On August 28, nine wallets jointly purchased $456 million worth of Ethereum, indicating that there is wider whale interest in Ethereum.
Also Read: SharpLink Gaming Buys $12.4M in Ethereum, Total Holdings Hit 202,800 ETH
The whale currently holds greater value than SharpLink Gaming, which has 797,000 ETH worth 3.5 billion. Bitmine Immersion is still the largest corporate holder with 1.8 million ETH valued at over $8 billion.
Along with the whale activity, there are institutional demands to purchase Ether. Farside Investors reported that ETH spot ETFs raised more than $1.8 billion in inflows within five trading days. Iliya Kalchev at Nexo has added that institutions are slowly increasing their crypto allocation beyond Bitcoin. The trend highlights the change in the market dynamics, as Ethereum has been gaining momentum among big-time investors who are looking at alternative digital assets.