A major Bitcoin whale, having held onto their Bitcoin for seven years, sold 670 BTC (worth $76 million) to enter a long position in Ethereum, buying 68,130 ETH. Previously, this whale had amassed 14,837 Bitcoin valued over $1.6 billion from exchanges like Binance and HTX. This significant move aligns with a trend of Bitcoin whales diversifying into Ethereum, amid fluctuating prices of both cryptocurrencies. Following the whale's transaction, Ether's price fell to a low of $4,080, close to liquidation thresholds for some positions, while it is currently trading at $4,287. Despite market panic selling among some Ethereum whales, institutional wallets have simultaneously continued to accumulate Ethereum. Analysts suggest that while Bitcoin whales are adjusting their portfolios, this activity reflects a maturing market rather than cause for concern. Old Bitcoin whales are also transferring large amounts of Bitcoin, further impacting market dynamics.

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