Bitcoin Investor Shifts Strategy: From BTC to ETH

A major Bitcoin investor has announced a substantial change in their investment strategy, shifting away from leveraged long positions and towards direct purchases of Ethereum. According to on-chain analysis firm Lookonchain, this shift came on August 21st after the investor sold $76 million worth of Bitcoin, creating a new $295 million position in Ethereum. In just the last six hours, they deposited an additional $114 million into Bitcoin to acquire another $85 million worth of Ethereum, equating to approximately 19,794 ETH. This move signals a clear reallocation of capital from Bitcoin to Ethereum.