Major Whale Swaps Bitcoin for Ethereum and Begins to Sell
A large Bitcoin wallet has begun selling its digital assets after swapping over $4 billion in BTC for ETH.
Previously dormant for seven years, the whale's actions had an impact on investors, who had seen a summer of high-profile sell-offs by whales.
- The total crypto market cap fell 1.7% in August, according to Binance's monthly market insights.
- Bitcoin dominance dropped to 57.3% while Ethereum rose to 14.2%.
- Corporate treasuries held 4.44M ETH, which is 3.67% of the supply.
This shift to ETH is not unique to the whale.
The whale's actions and market trends were also reflected in August's trading of Spot Bitcoin ETF products.
Author's summary: Whale sells Bitcoin after 7-year dormancy.
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