Whale Swaps Ethereum to cbBTC, Gains $4.6M Profit

• Whale sold 2,880 ETH for 110.56 cbBTC, worth $12.67M
• Originally bought ETH for 73.4 cbBTC, worth $8.02M
• Gained 37.16 cbBTC and $4.6M in profit

In a recent on-chain activity, a crypto whale made headlines by selling 2,880 ETH, valued at $12.67 million, in exchange for 110.56 cbBTC. This move marks a significant shift in portfolio strategy, as the whale transitions from Ethereum to a wrapped Bitcoin equivalent on Coinbase.

This decision comes after the whale held the ETH for just three months. The conversion rate for this swap stands at $114,597 per cbBTC, showcasing confidence in Bitcoin’s long-term dominance.

A Smart Entry and a Smarter Exit

What’s impressive is how this investor timed the market. The whale originally acquired those 2,880 ETH using 73.4 cbBTC, which was worth $8.02 million at the time. With this strategic sell-off, the investor has now walked away with a net profit of $4.64 million, while also increasing their cbBTC holdings by 37.16 BTC.

This move underlines the growing trend among whales to rotate capital between major assets depending on market momentum and perceived future value.

What This Means for the Market

The shift from ETH to cbBTC (a token representing Bitcoin on Coinbase) suggests a bullish outlook on Bitcoin’s near-term potential. While Ethereum remains a strong asset in DeFi and smart contracts, this whale’s action shows a pivot toward BTC as a safer, potentially more rewarding hold for the months ahead.

Investors and analysts often track such whale movements for insight into broader market trends, and this address — 0x89c69df65d0f6a0df92b2f5b0715e9663b711341 — is now on watch as a strategic player in the crypto space.

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