Key Points
- Major crypto whales are shifting their investments from Bitcoin to Ethereum.
- The transition is potentially influenced by anticipation around Ethereum ETF approvals and the Dencun upgrade.
Whale investors are increasingly turning their attention from Bitcoin (BTC) to Ethereum (ETH).
Whale Investors Shifting Focus
Data from Lookonchain indicated a significant shift in whale investment strategy, with a move from BTC to ETH. One whale recently exchanged 1,500 ETH for 88.68 WBTC, a total of $4.58 million, with the intention of shorting the ETH/BTC pair.
This whale then converted the 88.68 WBTC back to 1,597 ETH, valued at $5.57 million. This resulted in a net gain of 97 ETH, or $338,000.
Factors Influencing The Shift
The shift to Ethereum coincides with anticipation around Ethereum ETF approvals and the upcoming Dencun upgrade. These factors could potentially attract more investors and position Ethereum as a more attractive asset.
Despite the positive sentiment, Ethereum faces challenges, including high gas fees, which could impact smaller traders and force them to seek lower-cost alternatives.
At the time of writing, Ethereum was trading at $3,469.49, showing a growth of 1.56% in the last 24 hours.
However, Ethereum’s Network Growth has seen a decline, indicating reduced interest from new addresses. This could potentially pose a challenge to Ethereum’s sustained growth.
