A well-known crypto billionaire is actively moving his funds from Bitcoin to Ethereum, as evidenced by recent high-value trades in the cryptocurrency market.
Capital Reallocation to Ethereum
The billionaire sold 2,000 BTC worth $221 million and used the proceeds to purchase 49,850 ETH valued at $219 million. This marks a significant change in his portfolio, bringing total Ethereum holdings to 691,358 ETH worth about $3 billion.
Increased Ethereum Purchases
After a two-day pause, the investor resumed active buying. He deposited 1,000 BTC into Hyperliquid exchange, using the proceeds to buy Ethereum on the spot market. He also closed a leveraged long position of 96,452 ETH worth $433 million, securing a $2.6 million profit that was reinvested back into Ethereum.
Pressure on Bitcoin
Bitcoin is facing pressure, with its price dropping 5.96% over the past week from $115,560 to $108,455. Critics continue to express doubt about its potential, while Ethereum is attracting increasing interest from investors due to its use in decentralized finance and smart contracts, contributing to its recent price growth.
The active capital movements from Bitcoin to Ethereum highlight shifting preferences in the cryptocurrency space, where Ethereum is becoming increasingly appealing to major investors.
