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Bitcoin Whale Resumes ETH Buying Spree, Moves $1B from BTC to ETH
A recent development in the cryptocurrency market has sent shockwaves through the digital asset space. A prominent Bitcoin whale with a substantial holding of over $5 billion has resurfaced and is now buying Ethereum (ETH) at an unprecedented scale.
The whale, known for its significant influence on the market due to its massive assets under management, has decided to shift its focus from Bitcoin (BTC) to ETH. This monumental move has resulted in the purchase of a staggering $1 billion worth of Ethereum.
This decision marks a drastic change in strategy as it’s been dormant for several years. The whale initially caught everyone off guard by purchasing over $2.5 billion in Ethereum earlier this year, and this fresh influx of capital is expected to push ETH’s price up further.
The sheer volume of the whale’s investment has led to a substantial increase in demand, which will likely continue as more institutional investors follow suit. This trend could potentially change the overall cryptocurrency landscape, with many speculating that this may be the beginning of a new era in crypto trading.
It’s important to note that Ethereum’s growing scarcity due to decreasing supply and increasing demand has led to its price rise by 14% over the past month.
Source: coincentral.com
