Large funds have recently completed cross-chain asset reallocation, with the BTC to ETH conversion ongoing. According to on-chain data monitoring, institutional-level funds have carried out large-scale position adjustments within the past 48 hours.

The specific operation path is as follows: using the THORChain cross-chain exchange platform, large funds exchanged 404 BTC (approximately $38.84 million) into 11,533 ETH yesterday. Combined with the previous day's operations, the two-day total is quite significant—selling a total of 686.1 BTC (about $65.17 million) and acquiring 19,631 ETH, with the average ETH transaction price around $3,302.

There are several noteworthy details about this operation: first is the operation rhythm. It was not a one-time large order but executed in two parts, indicating a clear medium-term asset allocation adjustment rather than a short-term market response. Second is the trading method. Choosing THORChain instead of a centralized exchange effectively reduces market impact per transaction, which is a typical institutional approach. Furthermore, the price position is noteworthy. The current ETH transaction price is right within the mainstream cost range, reflecting recognition of ETH's relatively strong position.

In the broader context, under a market environment where BTC is oscillating at high levels and the ETH/BTC structure is gradually warming up, this kind of **"steady but firm" position migration** often better reflects the market's true logic than short-term chasing of highs and lows. Instead of constantly watching K-line charts, paying more attention to the real movements of large funds may be the true barometer of the market's next direction.