A prominent Bitcoin ($BTC) whale has recently carried out notable sell-offs to purchase Ethereum ($ETH). In this respect, Bitcoin OG has reportedly shifted $3B from Bitcoin ($BTC) to Ethereum ($ETH), sparking significant speculation across the crypto community. As Lookonchain, a popular on-chain analytics provider, revealed on X, the Bitcoin whale’s massive $BTC-to-$ETH swaps, often down through Hyperliquid, indicate a consistent trading strategy. However, such big amounts have triggered market-wide concerns about the potential consequences of these swaps.
Bitcoin OG Buys $3B in $ETH Amid Aggressive $BTC Sell-Offs
The on-chain data discloses that Bitcoin OG has sold over 3,968 $BTC to buy 691,358 $ETH (nearly $3B). In this respect, a couple of major deposits made by the Bitcoin whale over the past hour have totaled more than $217M in $BTC. Particularly, one of them involved 1K $BTC (almost $108.63M) while the other included $108.89M. The respective transfers underscore the aggressive inclination of the whale toward Ethereum ($ETH).
Apart from that, the entries in the data also discloses several $ETH and $BTC movements between analogous wallets. The values of these transactions reportedly range between multiple millions of dollars. Even before this, Bitcoin OG has also been executing $BTC-to-$ETH swaps. Hence, on the 26th of August, the Bitcoin whale offloaded 1,000 $BTC with $109,684 as its average price. Subsequently, the whale opened a long position of 96,452 $ETH (accounting for $433M), with a 5x leverage.
Whale Intensifies Ethereum Strategy, Highlighting Huge Conviction
According to Lookonchain, on August 27, the whale again deposited 1,000 $BTC ($108.27M) for $ETH. After that, on August 28, the whale sold 2,000 $BTC ($217M), acquiring 49,850 $ETH (almost $219M). Keeping this in view, these large swaps indicate a calculated $ETH strategy to leverage its short-term upside. Nevertheless, whether this conviction results in noteworthy profits remains to be seen.
