A Bitcoin whale, who has been inactive for seven years, has returned to the market, executing several significant trades involving Ethereum. This move indicates substantial changes in the cryptocurrency sphere.
Bitcoin Whale Returns
According to data from Lookonchain, a well-known Bitcoin whale who left the market seven years ago has returned and started trading actively. Previously, he received 100,784 BTC, worth $642 million at the time. After his return, this investor sold a portion of his Bitcoins and bought 62,914 ETH, valued at approximately $267 million.
Ethereum's Growing Popularity
In recent days, Ethereum has shown significant growth in key metrics, even amidst a recent price downturn. On August 20, ETH set a record on the Chicago Mercantile Exchange (CME) with over $8.3 billion worth of active futures contracts. This marks the highest level of recorded activity for Ethereum trading on this platform.
Future of the Cryptocurrency Market
The rising interest in Ethereum may indicate a reassessment of investment strategies by major players in the market. Market participants, as reported by crypto expert Michael Terpin, suggest that ETH is poised to outperform Bitcoin. As of the time of publication, ETH has increased by 1.08% to $4,341, while Bitcoin has dropped by 0.6% to $113,009.
The return of the Bitcoin whale and its shift to Ethereum highlights changes in the cryptocurrency market. The growing interest in ETH and record activity on exchanges may foresee new trends in the pricing of digital assets.
