In a striking move, an early adopter of Ethereum, known as an Ethereum OG, has made headlines by converting a hefty portion of his holdings into Bitcoin. This switch, valued at approximately $44 million, showcases a significant shift in investment strategy.
According to data from Lookonchain, the individual, identified by the address “0x4553,” previously accumulated around 21,000 ETH over a period spanning from 2019 to 2023, at a total cost of $61.4 million and an average purchase price of $2,922 per ETH.
As of the start of 2026, this Ethereum whale executed a notable swap, trading 14,146 ETH for 492 wrapped Bitcoin (WBTC) at a conversion rate of 0.03479. The motive behind this substantial transition remains unclear, but it appears to stem from personal circumstances rather than the performance of ETH, especially since this occurred during a rally in ETH prices.
At the time of this swap, Ethereum was trading at $3,104, reflecting a 1.84% increase in the last 24 hours and a 5.94% rise over the week, outpacing Bitcoin in percentage gains.
This movement from ETH to BTC is indicative of a broader trend, as it marks the second significant instance of such a rotation within a 24-hour period. Earlier, Lookonchain reported an anonymous whale who faced a loss of $18.8 million on ETH in a matter of weeks, opting instead to invest in gold.
The whale in question purchased 3,299 XAUT for $14.58 million, indicating a strategic pivot amidst the turbulent market landscape.
Despite this high-profile switch, the overall sentiment in the Ethereum ecosystem remains one of accumulation. Recent reports reveal that another institutional player acquired 12,166 ETH for $38.09 million, while yet another whale purchased 5,104 ETH for $16.09 million.
Since December 3, this particular whale has amassed a total of 51,374 ETH, amounting to $159.76 million at an average price of $3,110. Notably, Tom Lee”s Bitmine has also staked an impressive 82,560 ETH, contributing to a total of 544,064 ETH staked by their treasury, valued at approximately $1.62 billion.
On January 2, Ethereum ETFs experienced significant net inflows totaling $174 million, with Grayscale”s ETHE leading the charge with an influx of $53.69 million.
This dynamic market activity highlights the ongoing evolution of investment strategies among major players in the cryptocurrency space, as they navigate the complexities of market conditions and personal investment goals.
