TREE NEWS reports: A single whale converted another 200.71 BTC, worth $17.2 million, into 6,247 ETH on September 22, bringing its six-day total to 1,308 BTC ($104 million) swapped for 40,670 ETH. All of the acquired ETH has been staked.
Whale Swaps 1,308 BTC for 40,670 ETH Over Six Days, Stakes All
This is a rotation from bitcoin into staked ether at size, and the full restaking of proceeds is the detail that matters: it converts a liquid reserve asset into yield-bearing, lockup-constrained exposure. The scale and consistency of the six-day flow suggests a deliberate portfolio mandate rather than opportunistic trading, and it lands as a visible endorsement of ether's staking economy over bitcoin's pure reserve role. Whether other large holders follow the same path is the open question.
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