Crypto Whale Dumps $89.5M in Bitcoin to Buy Ethereum as ETH FOMO Explodes

A mysterious whale investor has sold more than $89 million worth of Bitcoin ($BTC) to accumulate Ethereum ($ETH) over three days.

On-chain analyst EmberCN reported that the investor recently sold 236.6 $BTC for 19.71 million $USDC and used the money to buy 7,845 $ETH. Over the three days, the investor sold around 1,074 $BTC and bought 35,346 $ETH at an average price of $2,529.

How the Whale Is Moving From Bitcoin to Ethereum

The investor moved money from Bitcoin to Ethereum in several steps. The investor withdrew Bitcoin from HTX about 18 months ago and transferred it to Hyperliquid, where it was sold for $USDC. The $USDC was then moved through Arbitrum to Ethereum and used to buy $ETH.

By repeatedly selling Bitcoin and buying Ethereum, the investor appears to be shifting its investments from $BTC to $ETH.

Meanwhile, the move comes as sentiment toward Ethereum improves, while fear grows around Bitcoin and $XRP.

Ethereum Sentiment Rises as Bitcoin and $XRP Face Fear

According to Santiment, investors on social media are more positive about Ethereum ($ETH) than Bitcoin ($BTC) and $XRP. Ethereum recorded 2.05 positive comments for every negative comment on X, Reddit, and Telegram.

Santiment linked this optimism to $ETH’s price recovery, staking demand, and hopes for upcoming network upgrades. Bitcoin and $XRP, however, are facing more negative sentiment.

Specifically, Bitcoin recorded 0.82 positive comments for every negative comment. Santiment linked the negativity to Bitcoin’s struggle at $87,000, its drop toward $81,000, leveraged-trade liquidations, and economic pressures.

Likewise, $XRP recorded 0.92 positive comments for every negative comment. The negative mood followed a price drop of more than 9% in a week, liquidations, and difficulty rising above $1.40.

Could This Shift Benefit Ethereum?

The whale’s continued sale of Bitcoin to buy Ethereum, combined with positive sentiment toward $ETH, suggests some investors may be favoring Ethereum over Bitcoin. However, one investor’s actions do not prove that the wider market is making the same move.

Santiment also noted that the current market mood creates opportunities in both directions. Bitcoin and $XRP could recover if prices rebound, while Ethereum could face a pullback if expectations become too optimistic.

In sum, investor sentiment currently favors Ethereum over Bitcoin and $XRP. However, this could change quickly, and positive sentiment alone does not guarantee that $ETH’s price will rise.

Related: Ethereum Price Prediction: Is $5,000 $ETH by December Realistic, or Is Tom Lee Too Bullish?