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An experienced player made a big move in the past two days—completely swapping out all the Ethereum they had staked for 4 years into Bitcoin.
According to on-chain data, this whale sold 14,145 ETH (worth approximately $44.3 million) today and exchanged it for 492 WBTC. Based on the transaction rate of 0.03478, the average cost of WBTC is $90,014.
Interestingly, these ETH holdings are quite significant. As early as the beginning of 2022, this veteran had withdrawn 22,344 ETH from exchanges like Kraken, Bitfinex, and Poloniex, accumulating all at once, with an investment of about $65.15 million. Back then, the cost basis meant holding for exactly 4 years.
Switching from Ethereum to Bitcoin in this manner certainly draws attention in the current market environment. Whether this reflects a more optimistic outlook on BTC's future or a view on Ethereum's current price remains to be seen, and will depend on subsequent market performance.