A whale who had held ETH for four years sold 14,145 ETH for 492 WBTC on January 3rd, equivalent to approximately $44.3 million, shifting its focus to BTC.
The transaction, tracked on- chain by Ember analysts, shows a portfolio shift from ETH to BTC via WBTC after a period of ETH accumulation since early 2022.
- The whale sold 14,145 ETH for 492 WBTC, worth approximately $44.3 million.
- Exchange rate: 0.03478; average cost of WBTC: 90,014 USD.
- In early 2022, whales withdrew and accumulated 22,344 ETH at an average price of $2,916.
ETH to WBTC exchange transaction on January 3rd.
The whale sold 14,145 ETH and exchanged it for 492 WBTC at an exchange rate of 0.03478, totaling approximately $44.3 million.
on-chain analyst Ember stated that the average Capital of WBTC in this transaction was $90,014. The use of WBTC suggests that whales accessed BTC through a wrapper version on the blockchain, rather than buying BTC directly.
The swap size of 14,145 ETH is equivalent to a large portfolio restructuring order, representing a move to shift holdings from ETH to BTC at the time of the transaction.
ETH accumulation history since the beginning of 2022
Approximately four years ago (early 2022), whales withdrew and accumulated 22,344 ETH from the Kraken, Bitfinex , and Poloniex exchanges.
At that time, the total value of the ETH lot was recorded at $65.15 million, with an average purchase price of $2,916 per ETH. This information provides context for the whale having held ETH long-term before transferring a large portion to BTC via WBTC.
