A Bitcoin whale, or possibly an institutional wallet, has sold 837.8 BTC — worth approximately $69.68 million — and purchased 27,500 Ether, according to on-chain analyst Ember. The Ether was acquired at an average price of $2,534, marking a substantial rotation of exposure from Bitcoin into Ethereum.

The October 13 report tracked a sequence of trades executed over time rather than a single direct Bitcoin-to-Ether exchange. Ember did not identify the wallet's owner and did not establish a reason behind the purchases. Analysts who track whale wallets work from public blockchain ledgers, where large transfers are visible even though the identities behind wallet addresses generally are not.

Whale Routed Funds Through Multiple Networks

Rather than a straightforward exchange swap, the wallet's funds moved across several platforms and networks. According to Ember's transaction review, the wallet originally withdrew its Bitcoin from the exchange HTX about 18 months earlier. The funds were later transferred to Hyperliquid, a decentralized trading platform, where the owner exchanged the coins for USDC, a dollar-linked stablecoin commonly used to settle on-chain trades. The USDC was then moved to Arbitrum, an Ethereum layer-2 network, and bridged onto Ethereum, where the Ether purchases were completed on-chain.

The rotation coincided with broader Ether whale accumulation, which drew attention on October 11, when analysts tracked purchases exceeding 166,000 ETH (CoinCentral). The whale's average purchase price of $2,534 was consistent with related coverage noting that Ether had been holding near $2,500.

The activity reflects a change in the wallet's asset mix rather than a withdrawal from cryptocurrency markets. Public blockchain records document transfers and swaps, but they do not establish an investor's broader strategy.

Second Report Details BTC-to-ETH Swaps

Lookonchain separately reported a sale of 229 BTC worth approximately $19.1 million, with the tracked wallet buying 7,469.8 ETH — another reported example of capital moving between the two assets.

The trades emerged during Bitcoin's rebound above $83,000 on October 13 (CoinCentral). BTC had briefly slipped below $81,000 before recovering, based on reported market data. Dashboard footage from Arkham Intelligence, a blockchain analytics platform, showed swaps and transfers involving Hyperunit and Uniswap. Although these transactions appeared on-chain, the footage did not identify who controlled the wallet.

Bitcoin Faces Moving-Average Test at $84,000

Crypto analyst Ali Martinez, who publishes analysis as Ali Charts, described a repeating pattern on Bitcoin's four-hour chart: a rebound from ascending-channel support at the 200-period simple moving average, followed by a close above the 50-period simple moving average, a sequence that preceded a rally in the prior instance. Simple moving averages smooth closing prices over a set number of periods, and traders routinely treat the 50- and 200-period levels as reference points for trend direction.

BITCOIN: $84,000 UNLOCKS THE NEXT RALLY

Last time $BTC bounced from the bottom of this channel, the 200 SMA held, and a 4-hour close above the 50 SMA confirmed the rally.

Now, we're dealing with a very similar setup.

The key level to watch is $84,000, where the 50SMA… pic.twitter.com/B9OkDkZim8

— Ali Charts (@alicharts) October 13, 2026 (X post)

The chart Martinez shared placed Bitcoin near $83,763 at the time of posting, just below resistance around $84,000 — the level where the 50-period SMA currently sits. Under his scenario, a confirmed breakout, in the form of a four-hour close above that level, could open a move toward $93,000–94,000.

The technical setup took shape amid a week of fund outflows, as crypto ETFs recorded $1.29 billion in outflows during October 5–9, with Bitcoin and Ether funds leading the exits (CoinCentral) — a dataset closely watched as a gauge of fund-investor positioning.

Neither Ember nor Lookonchain identified the individuals or institutions behind the wallets highlighted in their respective reports.

This article is based on reporting from CoinCentral.