According to Lookonchain, as the ETH/BTC ratio fell, whale address 0x6e17 swapped 3,900 ETH (about 16.26 million USD) for 143.26 WBTC at an execution rate of 0.03673 BTC per ETH. According to Lookonchain, the trade reflects a direct rotation from ETH to BTC exposure via WBTC and coincided with the ETH/BTC pair’s decline, giving traders a concrete reference level at 0.03673.