A large transaction has just been confirmed on the chain: over 22,000 ETH (with a market value of over $70 million) was fully converted into 774.1 WBTC. The average cost basis for this transaction's WBTC is around $90,505. Such a transaction scale and the switch from ETH to BTC assets usually reflect the market's perception of the market structure—large investors are expressing their confidence in Bitcoin's relative value through actual operations. Changes in asset allocation by major whales often preempt subtle shifts in market sentiment.

ETH-0.24%
WBTC0.36%
BTC-0.51%
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