According to @OnchainLens, a whale sold 2,880 ETH for $12.67M and purchased 110.56 cbBTC at $114,597 each after holding ETH for three months; involved wallet: 0x89c69df65d0f6a0df92b2f5b0715e9663b711341, source: @OnchainLens; data: Nansen. The whale originally acquired the 2,880 ETH for 73.4 cbBTC ($8.02M), booking a $4.64M profit and increasing BTC exposure by 37.16 BTC, source: @OnchainLens; data: Nansen. The swap implies an execution rate of ~26.05 ETH per BTC (0.0384 BTC per ETH), an implied ETH sell price near $4,399, and an estimated ETH cost basis near $2,785 based on reported figures, source: @OnchainLens; data: Nansen. Net effect is a rotation from ETH to BTC exposure by the address, observable on-chain via the cited transaction data, source: @OnchainLens; data: Nansen.

According to @KookCapitalLLC, ETH faces replaceability risk from payment-focused chains (including initiatives by Plasma and Stripe) and growing retail activity on Solana for stablecoin usage, implying relative headwinds versus BTC (source: @KookCapitalLLC on X, Aug 11, 2025). The author contrasts BTC’s non-replaceable monetary position with ETH’s platform risk and recommends a rotation trade: sell ETH into a move toward $7,000–$10,000 and accumulate BTC (source: @KookCapitalLLC on X, Aug 11, 2025). For traders, the actionable takeaway is a relative-value pivot from ETH to BTC if ETH reaches the cited zone, framed as a momentum-fade in ETH versus a build in BTC exposure (source: @KookCapitalLLC on X, Aug 11, 2025).