Major Whale Swaps Bitcoin for Ethereum and Begins to Sell
A large Bitcoin wallet has begun selling its digital assets after swapping over $4 billion in BTC for ETH.
Previously dormant for seven years, the whale's actions had an impact on investors, who had seen a summer of high-profile sell-offs by whales.
This shift to ETH is not unique to the whale.
Crypto exchange Binance noted that in August, the total crypto market cap fell 1.7%, with Bitcoin dominance dropping to 57.3% and Ethereum rising to 14.2%.
- Bitcoin dominance: 57.3%
- Ethereum: 14.2%
- Corporate treasuries holding 4.44M ETH (3.67% of supply)
Author's summary: Whale sells Bitcoin for Ethereum.