A significant whale has exchanged 1,469 Bitcoins (BTC) for approximately 43,647 Ethereum (ETH) through THORChain over the past two weeks. The total value of this transaction amounts to around $131 million, based on an average Ethereum price of about $3,000. The acquired Ethereum was consolidated and transferred to various wallet addresses eleven hours ago. THORChain is a decentralized liquidity protocol that facilitates direct asset swaps across different blockchains without intermediaries, aiming to enhance liquidity and provide users with a secure and easy way to exchange crypto assets. Bitcoin and Ethereum remain the largest and most popular cryptocurrencies, with Bitcoin regarded primarily as a store of value and Ethereum serving as the foundation for smart contracts and decentralized applications. This large-scale swap suggests that a prominent investor is diversifying their portfolio or betting on a potential rise in Ethereum’s value. Such substantial transactions can influence market prices and attract investor attention. While the immediate impact on market trends depends on various factors, large crypto asset movements can increase liquidity risks and price volatility, prompting investors to exercise caution when responding to such developments.
Source: binance
