A recent interesting phenomenon has emerged on the blockchain—large-scale players quietly adjusting their asset allocations. Using THORChain cross-chain tools, they are making a clear move: shifting from Bitcoin to Ethereum.

Specifically, today they once again exchanged 163 BTC for 4,717 ETH via cross-chain transfers. This is not an isolated event. Over the past 18 days since November 25th, the same wave of funds has transferred a total of 1,632 BTC, converted into 48,364 ETH. On average, their cost per ETH acquired is $3,011.

This rebalancing rhythm is quite intriguing—it’s not a one-time big push but rather done in batches with a steady pace. Data suggests this could be the strategic move of an institution or a major holder, or perhaps they are optimizing their holdings by taking advantage of market volatility. The choice to convert BTC to ETH reflects a certain preference for the Ethereum ecosystem, possibly optimistic about the future development of Layer 2, DeFi, or smart contract ecosystems.

Such large-scale position adjustments often attract market participants’ attention, as the movements of big funds can reveal shifts in market sentiment.