Bitcoin Whale Moves $260M Into Ethereum as Market Faces Pressure
Bitcoin Whale Rotation Signals Ethereum Strength While BTC Weakens
According to OnchainLens, an ancient Bitcoin whale has made a big move that caught the attention of traders and analysts.
During the last day, this wallet transferred 2,360 BTC, approximately worth $260.75 million, to HyperUnit.
The total transferred amounts to 3,360 btc-coins. Meanwhile, the same whale completed a significant buy of 49,850 ETH, totaling close to $216.99 million.
This Bitcoin whale movement from BTC to ETH occurs at a time when both assets are under pressure.
Most view it as an indicator that major investors anticipate eth to demonstrate more resilience in the short to mid-term, as BTC struggles with seasonal weakness.
BTC Price Under Pressure
The recent bitcoin news indicates a distinct price drop, as the asset decreased 2.7% over the last 24 hours to trade around $108,241. That was lower than the overall crypto market, which declined 2.36%.
Experts cite three primary causes of the decline: weak technical indicators, extended liquidations, and prudent trading ahead of major U.S. economic data.
On the charts, it fell below the $118,859 support level, which was triggered by automatic sell orders.
