A large cryptocurrency investor sold 1,107 bitcoin, bought 34,422 ether and staked the entire holding, data showed.

U.Today, a blockchain media outlet, reported on Sept. 21 that the position was unwound on Hyperliquid over the past five days. The bitcoin sale totalled about $86.76 million and the ether purchase about $86.5 million.

A key point in the transaction was that the investor exchanged bitcoin for ether and then staked all of the newly bought ether. The move amounted to a strategy aimed at earning staking rewards rather than simply switching assets.

It also stood out that most of the bitcoin sale proceeds were used to buy ether. The investor can be seen as adjusting an operating strategy by changing the investment target and adding staking rewards rather than pulling funds out of the crypto market. Even with staking rewards, the risk of losses from a drop in ether prices remains.

The market is viewing the fund shift alongside recent moves in bitcoin and ether. Bitcoin is trading in the $86,000 range and has broken through a key resistance level. Since gains were capped in this range in May, an assessment says a sustained uptrend is needed to keep the rebound going.

Ether has also joined an upswing. It broke above a $2,400 to $2,550 range and is trading near $2,770. It is seen maintaining a relatively steady trend above key moving averages. The relative strength index (RSI) is high but has not moved far outside its recent range, an analysis says, leaving it somewhat removed from the overheating signals seen in some past sharp rallies.

Still, it is difficult to conclude that broader market funds are moving from bitcoin to ether based on a single large investor's trade. Further confirmation is needed on whether the transaction will remain an individual portfolio reallocation or lead to similar moves by other large investors.