Whales are increasing the transfer of Bitcoin to Ethereum.

A Bitcoin whale just made a large transaction on Monday, amidst the ongoing transition of funds from Bitcoin to Ethereum.

The on-chain analysis company Lookonchain, which specializes in tracking whale wallet addresses, reported that this wallet sold 2,000 BTC ( equivalent to 215 million USD ) to acquire 48,942 ETH within four hours this morning.

Earlier on Sunday, Lookonchain also reported that another whale sold 4,000 BTC to buy 96,859 ETH within a 12-hour period. In total, this Bitcoin whale has invested in 886,317 ETH, equivalent to nearly 4 billion USD at current market prices.

The two transactions over the past weekend are the latest in a series of similar transactions that this wallet owner has made in August, after returning to activity following seven years of "hibernation." According to a previous report by Arkham Intelligence, this whale once held over 5 billion USD in Bitcoin and purchased 2.5 billion USD worth of Ethereum in just one week.

The conversion of whales from BTC to ETH coincides with a similar trend observed in Bitcoin exchange-traded funds (ETF). In August, bitcoin ETF funds experienced a total net outflow of 751 million USD, while Ethereum ETF funds recorded a monthly net inflow of up to 3.87 billion USD, according to data from SoSoValue.

The cryptocurrency market has recently witnessed significant activity from whales, contributing to strong price fluctuations, as analysts note that many other traders tend to follow suit. In July, a whale moved and is likely to sell 80,000 BTC after 15 years of inactivity.

Mr. Giáo