According to @EmberCN, a whale or institution today swapped 404 BTC worth about $38.84M for 11,533 ETH using THORChain cross-chain swaps (source: @EmberCN). Over the last two days, the same entity cumulatively converted 686.1 BTC worth about $65.17M into 19,631 ETH at an average execution price of $3,302 per ETH (source: @EmberCN). These on-chain BTC to ETH rotations via THORChain highlight concentrated ETH buy flow versus BTC sell flow, a setup traders can track through the ETH/BTC pair and THORChain liquidity for short-term flow monitoring (source: @EmberCN).

According to @ai_9684xtpa, the ETH/BTC exchange rate has rebounded to 0.032, and notable on-chain activity shows a wallet address (0xd47...0562e) swapped 1,562.7 ETH for 49.39 WBTC, valued at approximately $5.81 million. The transaction was executed when ETH traded at $3,721 and BTC at $114,627. This move suggests that some large traders are betting on a potential BTC price catch-up relative to ETH, which could influence short-term trading strategies for both BTC and ETH. Source: @ai_9684xtpa.