$11.4B Bitcoin Whale Sells BTC for Ethereum Amid Rising Demand

Ethereum is attracting significant interest from investors as Bitcoin's value declines. Key developments include:

An old Bitcoin wallet, holding 100,784 BTC worth $11.4 billion, is selling BTC to acquire ETH.
The whale has dumped 22,769 BTC ($2.59 billion) and purchased 472,920 ETH ($2.22 billion) on Hyperliquid.
This wallet also opened a long position in ETH valued at $577 million.
Ethereum reached an all-time high of $4,953 on August 24 before retracing to $4,630.
In contrast, Bitcoin remains below its all-time high of $124,457, currently trading under $112,000.
Institutional demand for ETH is rising, with ETH-related products seeing $625 million in net inflows on August 21 and 22, while Bitcoin ETFs faced outflows.
Leading DeFi protocols like Lido and AAVE have achieved new highs in total value locked.