#BTC #ETH
Typically, a brand with such a large position wouldn't end well. Some might wonder if it was a Bitcoin OG who swapped out ETH. However, based on the transaction history of this address, it's highly likely not the same OG who held 100,000 Bitcoin and swapped out ETH.
This is because Bitcoin OGs typically open long Ethereum contracts, sell Bitcoin spot, buy ETH spot, and close their long Ethereum contracts all within the same address.
Furthermore, a Bitcoin OG who held 100,000 Bitcoin swapped out and bought $400 million in ETH spot over the weekend. This $100 million price increase, which translated into a 40-point increase in ETH, quickly followed by a decline, suggests significant divergence.