According to on-chain analyst Yu Jin's monitoring, a whale/institution that held 10,606 BTC for seven years and made a profit of $1.12 billion has sold 2,070 BTC ($235 million) in the last 24 hours.

Part of the funds from the sale of BTC was used to buy 30,367 ETH ($131 million) in spot trading; part of it was used to open an additional 78,000 ETH through contracts (position valued at $336 million).

He currently still has 8,437 BTC ($960 million) and will probably continue to switch to ETH.