Over two days, a major wallet rebalanced holdings between Wrapped Bitcoin and Wrapped Ether, gaining value from favorable ETH/BTC rates.
On Jan. 27, an on-chain whale swapped 17,706.74 WETH for 587.92 WBTC worth $51.46 million at an ETH/BTC rate of 0.0332. This trade followed a Jan. 26 swap in the opposite direction, which involved converting 578.66 WBTC worth $50.33 million to the same amount of WETH at an earlier rate of 0.03268. The January 27 trade earned the whale 9.26 WBTC (about $810,000) in profit, benefiting from the 6.45% larger ETH position acquired the previous day.