PANews reported on August 21 that according to Ember’s monitoring, a whale or institution that held 10,606 BTC for seven years sold 2,070 BTC (about US$235 million) in the past 24 hours.

Part of the funds were used to purchase 30,367 ETH spot (approximately $131 million), while the remaining portion was used to open a long position of 78,000 ETH through contracts (valued at approximately $336 million). The whale currently holds 8,437 BTC (approximately $960 million), and it is expected that this shift to ETH will continue.