In an extraordinary turn of events, the cryptocurrency market witnessed an unusual move by a very bullish Ethereum whale, who made the shocking choice to sell their wrapped Bitcoin (WBTC) holdings in favour of Ethereum (ETH).
This surprising manoeuvre has sparked discussion within the cryptocurrency world. Wrapped Bitcoin (WBTC) combines the power of bitcoin with the flexibility of an ERC20 token.
According to Lookonchain, the whale borrowed 130 WBTC worth $6.73 million from Aave before exchanging it for 2,323 ETH. The aforementioned whale has been long the ETH/BTC rate since the Bitcoin ETF’s inception on January 10.
According to the on-chain analytics firm, the whale borrowed 1,731 WBTC from Aave, totaling $82.65 million, and exchanged it for 31,416 ETH.
https://x.com/lookonchain/status/1759794758644613450?s=20
The choice to shift towards ETH shows that this specific whale believes Ethereum has higher growth potential and rewards than Bitcoin. Many people have taken this shift as a bullish indication for Ethereum’s price.
Ethereum has climbed 0.74% since yesterday, to $2,933, and by an amazing 28% since the beginning of the month – and many predict it may rise much more.
According to a new CryptoQuant report, Ethereum has seen a significant rise in open interest, which corresponds to its upward price trend, hitting its highest levels since July 2022. This rise demonstrates futures traders’ sustained belief in Ethereum’s current advance.
Less than a month left until Ethereum developers deliver the much-anticipated Dencun update to the Ethereum mainnet.
Ethereum developers have set March 13 as the target date for the long-awaited Dencun update, which would include “proto-danksharding” on the proof-of-stake blockchain.
This update aims to reduce data availability costs and resolve scale concerns. In a nutshell, it is intended to increase Ethereum’s speed and reduce its cost.
