A shocking event recently occurred in the Crypto Assets market, sparking widespread attention and discussion within the industry. According to on-chain data, in the past 24 hours, multiple Large Investors holding over 1,000 Bitcoins collectively took action to convert their Bitcoins into Ether, involving an amount exceeding $120 million. This large-scale asset reallocation undoubtedly had a significant impact on the entire Crypto Assets market.

The event began at 3 a.m., when a long-dormant Large Investors address suddenly became active and started transferring Bitcoin in batches to major trading platforms. Notably, these Bitcoins were not directly exchanged for fiat currency, but were quickly converted into Ethereum. From the perspective of operational tactics, these Large Investors demonstrated a high level of professionalism, choosing to conduct batch transactions during periods of ample market liquidity to minimize impact on the market.

So, what could be the reason for this massive capital transfer? From the market performance, Bitcoin encountered strong resistance near $113,000, attempting to break through multiple times without success. In contrast, Ethereum shows stronger upward potential at the $2,600 level. From a technical analysis perspective, Ethereum has just broken through a long-term descending trend line, which may indicate greater upward space.

The deeper reason may lie in the differences between the ecosystems of the two projects. Ethereum is about to undergo a significant upgrade, its Layer 2 ecosystem is flourishing, and the decentralized finance (DeFi) and non-fungible token (NFT) markets continue to innovate, all of which provide substantial growth momentum for Ethereum. Although Bitcoin still firmly holds the status of digital gold, its growth potential is relatively limited.

In addition, the changes in institutional investment strategies are also worth following. In the past, institutional investors typically tended to simply buy Bitcoin. However, now they are beginning to seek more refined portfolio configurations. As the leader among smart contract platforms, Ethereum's appeal among institutional investors is gradually increasing.

This event will undoubtedly have a profound impact on the crypto assets market, and investors need to closely follow market trends and carefully assess the investment value and potential of various crypto assets.