Large traders have recently been making some interesting moves. On-chain data shows that a major institution used a cross-chain tool to exchange 282.1 BTC (worth approximately $26.33 million) for 8,098 ETH, with the ETH transaction occurring at a price of around $3,251.

What’s more noteworthy is that this address still holds 646.5 BTC, equivalent to about $61.68 million. Based on this operation, it seems not to be a simple impulsive move; there may be further adjustments to their position in the future.

Such large-scale rebalancing often reflects institutions' judgment of the recent market rhythm. Moving from BTC to ETH indicates growing confidence in the Ethereum ecosystem or its short-term trend. Of course, it could also be just optimizing asset allocation diversification. In any case, the position movements of big players are always signals worth paying attention to by market participants.