**Major Whale Continues Strategic ETH Accumulation: 58,000+ ETH Acquired in 19-Day BTC Shift**

On-chain data tracked by analyst Yu Jin reveals a significant institutional activity pattern that has been unfolding since late November. A substantial player in the cryptocurrency market has been systematically converting Bitcoin holdings into Ethereum through THORChain, signaling a deliberate portfolio rebalancing strategy.

The latest transaction in this sequence occurred today, with the entity swapping 340 BTC into approximately 9,784 ETH, representing a transaction value around $30.42 million at current market rates. This single move is part of a much larger strategic shift that has accumulated significant scale over the past three weeks.

**The Bigger Picture: A 19-Day Conversion Spree**

Looking at the complete picture since November 25, this whale/institution has executed a series of coordinated swaps totaling 1,972 BTC exchanged for 58,148 ETH—equivalent to roughly $176 million in transaction volume. The consistency and scale of these exchanges suggest this is not reactive trading but rather a calculated repositioning decision.

What's particularly notable is the execution price: the accumulated ETH holdings were acquired at an average cost of $3,028 per coin. This entry point provides useful context for understanding the whale's conviction level and risk management approach.

**What This Activity Signals**

Such sustained, large-volume conversions typically indicate strong institutional conviction in a particular asset. The choice to move into Ethereum through a decentralized protocol like THORChain, rather than centralized exchanges, suggests a preference for maintaining anonymity and minimizing market impact—a hallmark of sophisticated market participants.

The scale of this activity—58,000+ ETH now held across this conversion series—positions this entity as a significant Ethereum holder and demonstrates tactical confidence in ETH's near-term prospects relative to Bitcoin.