Altseason? Whale Dumps $2.2B Bitcoin Bag for Ethereum

In a recent development, a Bitcoin whale who had been dormant for seven years, holding 100,784 BTC (worth $642 million at the time, now $11.4 billion), has sent a shockwave through the crypto world with a massive sell-off of the premier asset.

According to Lookonchain’s tweet, the Bitcoin “OG” offloaded 22,769 BTC, valued at $2.59 billion, in exchange for 472,920 ETH ($2.22 billion) using the Hyperunit protocol on Hyperliquid.

Interestingly, this shift from Bitcoin, long viewed as a store of value, to Ethereum’s utility-driven ecosystem has fueled speculation of an impending altseason, where altcoins could outpace BTC.

Whale Trades Bitcoin for Ethereum

Lookonchain reported that the massive shift to Ethereum, which kicked off in the past five days, has seen the whale dump his Bitcoin bags for a total spot purchase of 472,920 ETH. Meanwhile, at press time, data from analytical firm Arkham Intelligence highlights that the whale has made two additional purchases using the unique wallet address “19D5J8.” The Bitcoin “OG” bought 14,397 ETH valued at $67.92 million.

This aggressive move brings his current exposure to 622,582 ETH ($2.8 billion) and reflects strong confidence in Ethereum’s price trajectory.

Interestingly, he did not just buy the altcoin king; he also opened a long position, indicating his heightened bullish bias towards Ether. Data shows that the whale opened a leveraged position on Ethereum using 135,265 ETH ($577 million).

These actions indicate a calculated strategy to capitalize on Ethereum’s technological advancements and growing market relevance.

Price Movement Sparks Altseason Rumors

Following the Bitcoin whale’s liquidation of the premier asset, the asset has faced a heavy market correction. According to CoinMarketCap, Bitcoin has corrected by 3% to $111,670 in the past seven days, after its leap above the $116,000 price mark on Friday.

On the other hand, Ethereum has emerged as one of the top performers in the cryptocurrency landscape. At press time, the altcoin king has surged an impressive 8% to $4,580.

With the Ethereum price clearly outperforming Bitcoin, enthusiasts are rumoring that the long-awaited altseason seems feasible. Notably, historical data have identified that the bullish altcoin phase typically resumes when Ether plays contrarian to Bitcoin, rallying alongside its pairs.

Ethereum Hits $500B Market Cap

Amidst speculations about altseason, recent analysis further highlights Ether as the fastest-growing major asset in history, as the altcoin king attains a new milestone. 

According to Milk Road in an X post, Ethereum attained a landmark market cap of $500 billion within 5 years and 8 months, fewer years than Apple and Bitcoin. The data shows that it took Bitcoin and Apple 12 years and 35 years, respectively, to attain the same milestone.

This highlights the growing interest in cryptocurrency, particularly in the Ethereum ecosystem. The increased interest in Ether follows its newfound utility in the stablecoin sector, widely adopted by institutions and even nations like the United States.

The post Altseason? Whale Dumps $2.2B Bitcoin Bag for Ethereum appeared first on Cointab.