As of Jan. 10, a large holder, commonly called a crypto whale, has executed a noteworthy acquisition of 4,677 ETH, amounting to approximately $11 million, as reported by Lookonchain data.
This substantial purchase attracts attention due to its apparent indication of a bold, bullish stance on the future of Ethereum’s price. Notably, the whale’s sentiment leans towards optimism for ETH while displaying a more bearish outlook on BTC, according to Lookonchain insights.
This whale seems bullish on $ETH and bearish on $BTC.
He borrowed 241 $WBTC($11M) from #Aave in the past 4 hours and exchanged for 4,677 $ETH($11M).https://t.co/2W5FyKDEDa pic.twitter.com/d8PxOoinPr
— Lookonchain (@lookonchain) January 10, 2024
Crypto Whale Swaps Bitcoin for Ethereum
Remarkably, the crypto whale opted to exchange wrapped Bitcoin for Ethereum in this strategic move. Borrowing 241 WBTC valued at $11 million from Aave, the whale exchanged the borrowed assets for 4,677 ETH.
While the true motives behind the whale’s actions remain undisclosed, speculations suggest a positive outlook on the imminent rise in ETH value. Ethereum’s current outperformance against Bitcoin is gaining attention, especially as expectations rise for Bitcoin ETF approval.
Presently, Bitcoin has experienced a 2.11% decrease in the last 24 hours, settling at $45,980, following volatile price activity in the previous trading session. In contrast, Ethereum has surged 5.47% during the same period, reaching $2,422. This consistent outperformance is positioning Ethereum favorably against Bitcoin across various time frames.
Crypto analyst Matthew Hyland notes that this trend mirrors historical patterns, drawing parallels to the outperformance of ETH over BTC following the BTC Futures in 2017 and the Coinbase IPO in 2021.
That was #Ethereum pumping against BTC in that small time frame the ETF approval looked real FYI
This wouldn’t be surprising as both the BTC Futures in 2017 and Coinbase IPO in 2021 saw ETH completely crush BTC immediately after pic.twitter.com/81WAQRtzBk
— Matthew Hyland (@MatthewHyland_) January 10, 2024
While bullish sentiments persist for the future of ETH, it is crucial to acknowledge that past performance does not guarantee future outcomes. Legendary trader Peter Brandt maintains a bearish stance, emphasizing a swing trader perspective rather than that of a long-term “hodler.”
