Whale begins swapping $44.3M in ETH for BTC after 4-year hold

An anonymous whale address that has held Ethereum for four years began converting its holdings into Bitcoin today, AmberCN reported. The wallet started swapping WETH for WBTC approximately five hours ago and has so far exchanged 14,145 WETH, valued at around $44.3 million, for 492 WBTC. The transaction was executed at a swap ratio of 1 WETH to 0.03478 WBTC, resulting in an average purchase price of $90,014 per WBTC. The whale is known to have accumulated a total of 22,344 ETH in early 2022 through exchanges such as Kraken, Bitfinex, and Poloniex at an average price of $2,916 per ETH.