BTC whale sells 369M Bitcoin and buys 50K ETH, indicating a potential altcoin season bull run with favorable Ethereum action.
One of the biggest Bitcoin whales has transferred $369 million of BTC to Ethereum. The wallet in the background of this giant trade exchanged 3,360 BTC with almost 50,000 ETH. This action provokes the question of what this Bitcoin OG is aware of the future changes in the market.
In accordance with statistics posted by OnchainLens on X, the whale moved 1,000 BTC worth approximately 108 million dollars into HyperUnit, a platform that allows the exchange of tokens.
That was topped with another 2,360 BTC, valued at approximately 260 million dollars. The whale has, in total, purchased 49,850 ETH at an approximate price of 217 million dollars during the past 10 hours.
Giant BTC Dump Into ETH: The Whale’s Bold Move
We can highlight the massive transformation of the whale that left Bitcoin for Ethereum. OnchainLens documents the systematic conversion of every BTC deposit into ETH, an indicator of anticipated planning. This trade sells off 369 million dollars of BTC to altcoins.
The fact that this movement occurred in several transactions is indicative that it was not a spontaneous market business but a calculated gamble.
Obvious on-chain trust is manifested in the transparent activity of the whale as closely followed on blockchain explorers such as HypurrScan and Arkm Analytics.
Source -Altcoin-season-index
In the meantime, the Altcoin Season Index is at 59, just below the required index of 75 to indicate a complete alt season. This significant BTC-to-ETH trade arouses the suspicion that the growth of altcoins is imminent.
ETH Bull Run Gains Steam — Could This Be the Spark?
Ether itself is demonstrating a trend with X user TATrader_Alan reporting impulsive bullish movements in the ETH weekly charts. According to him, two-thirds of the present rally is yet to come, meaning that there is a lot of upside to it.
This overlays with on-chain whale action, suggesting possible anticipation by institutional or large participants of a robust ALT season.
The fact that the whale chooses to convert BTC into ETH by using HyperUnit implies that it believes that ETH is going to rise in the near term.
Such a massive swap serves as a bellwether for the market. Provided that the wisdom of the whale is correct, Ethereum and other altcoins may shortly soar as mass BTC hegemony wobbles.
