On-chain whales strike again: BTC swaps for ETH, with a daily volume exceeding $31 million

LiquidatedAgain · 2026-01-21T18:03:05+00:00

A major wallet converted 323.26 BTC (approximately $31.15 million) into 9,240.6 ETH through ThorChain, reflecting its asset allocation adjustment strategy. To date, the same wallet has exchanged 686 BTC for 19,631 ETH, indicating a bullish outlook on Ethereum. Such large transactions provide important insights into market capital flow directions.

LiquidatedAgain

2026-01-21 18:03:05

Abstract generation in progress

Amid the continuous rise in on-chain trading activity, a major whale recently conducted a large-scale conversion through ThorChain again. According to Onchain Lens monitoring data, the whale exchanged 323.26 BTC (valued at approximately $31.15 million at the time of the transaction) for 9,240.6 ETH, continuing its previous trading strategy.

From a long-term perspective, this on-chain whale has been continuously adjusting its asset allocation. To date, it has converted a total of 686 BTC (worth about $65.16 million) into 19,631 ETH via the ThorChain platform. In this series of transactions, the whale completed ETH acquisitions at an average price of $3,319 per ETH, reflecting the cost basis at different market stages.

From a market perspective, the ongoing conversion from BTC to ETH may indicate that some on-chain large holders are optimistic about the Ethereum ecosystem’s prospects. The current real-time ETH price is around $2,900, which has retraced from the average exchange price, suggesting that the whale has partially converted at a relatively high level. Its subsequent holding trend is worth monitoring. Such large-scale conversions often serve as important references for market participants observing capital flows and sentiment shifts.

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