Whale continues rebalancing: sold 18,000 ETH over five days to exchange for WBTC, totaling $56.8 million

According to on-chain analysts’ monitoring, a whale who built a position in ETH four years ago continues to increase its holdings and switch to WBTC. In the past five minutes, this whale exchanged 4,013 ETH for 138.04 WBTC, worth $12.59 million in a single transaction. More notably, since January 3rd, this whale has sold a total of 18,159.4 ETH and accumulated 631.78 WBTC, with a total value reaching $56.8 million. What market signals are reflected behind this series of large-scale asset rebalancing actions?

Whale Accelerates Rebalancing into WBTC

The whale’s rebalancing behavior can be observed on two levels.

From a single transaction perspective, the exchange of 4,013 ETH for 138.04 WBTC is already a large-scale operation. At the current ETH price of $3,136.96, this transaction involves approximately $12.59 million worth of ETH, with the acquired WBTC costing $91,117.55.

From the cumulative scale perspective, this is the real key. Since January 3rd, in just two days, the whale has:

• Sold ETH: 18,159.4 tokens
• Built WBTC position: 631.78 tokens
• Total trading volume: $56.8 million

This indicates that the whale is rapidly adjusting its asset allocation, shifting from Ethereum to Bitcoin.

Cost Basis and Market Conditions

The average cost basis for WBTC is $91,117.55, a figure worth deeper analysis. According to the latest news, Bitcoin’s current price has already broken through this cost line, meaning the whale’s WBTC holdings are now in profit.

From a position cost perspective, the whale’s operational logic is relatively clear:

Signals Behind Whale Behavior

Why switch now?

This whale’s ETH position was established in early 2022, at a cost basis of about $2,916. Holding it for four years and now rebalancing on the backdrop of ETH breaking $3,000 and a generally bullish market is not coincidental.

From a market perspective, ETH has risen 6.66% over the past 7 days and 1.23% in the last 24 hours. Technical indicators show upward momentum but with weakening strength. In this context, the whale’s profit-taking and shift into Bitcoin reflect caution about short-term ETH price movements.

What does continuous rebalancing imply?

More importantly, this is not a one-time operation but a sustained increase in holdings. Over the past two days since January 3rd, the whale has executed multiple large-scale rebalancing trades, each involving thousands of ETH. This ongoing activity indicates:

• It is a planned asset allocation adjustment rather than impulsive trading
• Confidence in BTC is rising among large investors
• A relatively conservative outlook on ETH’s medium-term prospects

Comparing with other whale activities

This whale is not an isolated case. According to previous reports, another whale on January 3rd swapped $44.19 million worth of WETH for WBTC. Multiple whales engaging in similar operations within a short period suggest that institutional sentiment towards BTC and ETH is undergoing subtle shifts.

Market Implications

Whale rebalancing often precedes significant market volatility. This current shift from ETH to BTC may imply:

• Institutional investors are reassessing the risk-reward profiles of the two main cryptocurrencies
• BTC is perceived as more attractive at current price levels
• ETH might face short-term profit-taking pressure

Notably, these rebalancing actions have not caused a major market decline, indicating sufficient buy-side support and overall market sentiment remaining stable.

Summary

This four-year holder whale is executing a planned asset reallocation. The $56.8 million rebalancing within five days and the continuous increase in holdings suggest institutional confidence in BTC and caution towards ETH. Such large capital flow shifts are often early indicators of structural market adjustments. Future focus should be on whether this trend spreads to more investors and whether ETH will face increased selling pressure as a result.