Ethereum whale converts $2.6B Bitcoin to 473,000 ETH via Hyperliquid, holding $806M with $100M gains, signaling a shift to ETH.
A Bitcoin behemoth has been observed reorienting its attention to the Ethereum spot market. On Friday, the Bitcoin OG whale, with a Bitcoin balance surpassing $5 billion, acquired Ether valued at more than $1 billion via the Hyperliquid platform.
The Bitcoin Whale is persisting in the accumulation of Ethereum
Arkham Intelligence’s on-chain data analysis indicates that a Bitcoin behemoth that acquired $2.5 billion in ETH last week has returned. On Friday, the behemoth spent $1.1 billion to purchase spot Ethereum through the Hypeinit platform.
It is important to note that the whale investor presently possesses over 46.8k Bitcoins, which are valued at over $5 billion. This leaves more purchasing power for ETH. Arkham Intelligence monitors and analyzes the billionaire investor’s crypto holdings, which are dispersed across various addresses.
Last week, this Bitcoin billionaire initiated selling BTC to acquire Ethereum, as reported. The whale had made up to 641,508 ETH purchases, which were valued at approximately $2.94 billion, before the most recent transactions.
Like his most recent acquisitions, the whale disposed of his BTC through Hyperliquid and subsequently acquired spot ETH. The behemoth also initiated long positions on Ethereum in certain instances.
Institutions are also purchasing ETH
The U.S. spot Ether ETFs have experienced a net cash inflow of approximately $1.25 billion this week, as market data from SoSoValue indicates. Spot Ether ETFs have experienced a cumulative net inflow of over $4 billion since the beginning of August. Nevertheless, this is less than the $5.5 billion inflows recorded in July.
In the interim, Ethereum treasury companies are purchasing ETH at an unprecedented rate. CoinGecko, a crypto data aggregator, disclosed that these organizations acquired 247,033 ETH in the previous week.
Even as the price of Ethereum (ETH) reached a new all-time high (ATH) of $4,946, Tom Lee’s Bitmine, which maintains the largest Ethereum treasury, acquired 190,500 ETH during this period. Sharplink, the second-largest corporate holder, currently holds approximately $7.7 billion in assets, nearly double the company’s current holdings of 1.7 million ETH.
Sharplink, the second-largest holder, spent $252.2 million over the past week to acquire 56,533 ETH at an average price of $4,462. It currently possesses 797,704 ETH, which is estimated to be worth approximately $3.6 billion.
Ethereum Treasury Companies Are Predominant
Meanwhile, market commentator Milk Road disclosed that Ethereum treasury companies have been purchasing ETH at a significantly higher rate than Bitcoin treasury companies have been purchasing BTC since July. Every week during this period, these ETH treasury companies have announced more purchases than the BTC companies, except for a single instance.
Consequently, Milk Road observed that the supply of ETH is “tightening hard” due to the Ethereum ETFs and treasury companies purchasing a significantly greater supply than the network is actually issuing. The network is issuing 1 ETH for every 35.77 ETH these institutions buy and lock.
