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In a remarkable turn of events, the cryptocurrency market witnessed an unprecedented move by a particularly bullish Ethereum whale, who made the surprising decision to unload their wrapped Bitcoin (WBTC) holdings in favor of Ethereum (ETH).
This unexpected maneuver has left the crypto community abuzz with speculation. Wrapped Bitcoin (WBTC) delivers the power of Bitcoin with the flexibility of an ERC20 token.
According to Lookonchain, the whale first borrowed 130 WBTC worth $6.73 million from Aave and exchanged it for 2,323 ETH. The said whale has been long the ETH/BTC rate since the Bitcoin ETF launched on Jan. 10.
The on-chain analytics firm reports that the whale borrowed a total of 1,731 WBTC worth $82.65 million from Aave and swapped it for 31,416 ETH.
The decision to pivot toward ETH suggests that this particular whale sees greater growth potential and returns in Ethereum compared to Bitcoin. Many have interpreted this move as a bullish signal for Ethereum's price.
Ethereum has risen 0.74% since yesterday, to $2,933, and by an astonishing 28% since the beginning of the month — and analysts believe ETH might rise even higher.
Tomiwabold OlajideAccording to a recent CryptoQuant analysis, Ethereum has had a large increase in open interest, which coincides with its upward price trend, reaching its highest levels since July 2022. This spike reflects futures traders' continued confidence in Ethereum's current ascent.
Less than a month remains until Ethereum developers release the highly anticipated Dencun upgrade to the Ethereum mainnet.
Ethereum developers have set March 13 as the target date for the long-awaited Dencun upgrade, which would introduce "proto-danksharding" to the proof-of-stake blockchain.
This upgrade promises to lower data availability costs and address scaling issues. In a nutshell, it is expected to make Ethereum faster and cheaper.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya