A pockets related to cryptocurrency entrepreneur Eric Voorhees has moved one other giant tranche of Ethereum to THORChain. The place it was exchanged for Bitcoin Money. On-chain knowledge reveals that the deal with deposited 1,635 ETH, value roughly $4.8 million, to execute the transaction. Blockchain trackers flagged the transaction on December twenty fifth. This exercise continues a sample of ETH to BCH swaps related to the identical pockets in current weeks.
On-chain transfers level to continued ETH to BCH rotation
Information from Arkham and THORChain Explorer reveals that ETH has been transferred. From the deal with generally related to Erik Voorhees to the THORChain vault deal with. From there, the funds had been break up into a number of swap transactions. This can be a technique typically used to scale back slippage on giant trades.
Erik Voorhees (@ErikVoorhees) deposited a further 1,635 $ETH ($4.81 million) to #THORChain to alternate for $BCH. https://t.co/ZL9LgFPXwvhttps://t.co/R9HoC7LC5lhttps://t.co/VWsiGcg9C0 pic.twitter.com/hzalfHwxTM
— Lookonchain (@lookonchain) December 25, 2025
After the most recent switch, there’s nonetheless roughly 4,000 ETH (value $11.7 million) within the pockets. This means that holders haven’t fully exited their Ethereum publicity and are persevering with to rotate a few of their holdings. Importantly, the swap passed off solely on-chain. There was no interplay with a centralized alternate. This limits visibility of intent however confirms execution by means of decentralized liquidity.
Complete ETH swaps exceed $13 million in 2 weeks of exercise
This isn’t an remoted motion. Over the previous two weeks, roughly 4,619 ETH was exchanged for about 24,950 Bitcoin Money in the identical pockets. On the time of execution, these ETH holdings had been value over $13 million. Earlier monitoring studies famous that the pockets remained largely dormant for years earlier than turning into lively once more. Its revitalization and fast sequence of swaps drew consideration as Eric Voorhees has lengthy been a public supporter of Bitcoin Money. THORChain now permits direct cross-chain swaps with out wrapped property or administrative intermediaries. Every transaction seems as a separate swap and is processed inside the identical block vary.
Why THORChain is essential for this transaction
THORChain acts as a decentralized liquidity community that permits cross-chain native asset alternate. On this case, the system allowed customers to immediately alternate ETH to BCH with none bridging or central administration. Massive merchants typically use THORChain for cross-chain rebalancing. Nevertheless, the protocol’s public ledger additionally makes it simpler to trace such exercise. That transparency has fueled hypothesis each time high-profile wallets transfer funds. Up to now, there isn’t any indication that the obtained BCH was instantly offered or moved off-chain. The vacation spot deal with suggests accumulation moderately than redistribution.
Market background and open questions
The swap passed off at a time of combined market sentiment. Whereas Ethereum is going through reasonable strain, Bitcoin Money has skilled intermittent spikes in buying and selling quantity. Nonetheless, analysts warning towards drawing broad conclusions from the habits of a single pockets. Neither Eric Voorhees nor his associates have commented publicly on the transaction. In consequence, the motive stays unknown. It might mirror portfolio rebalancing, long-term beliefs, or private wealth administration.
What is evident is that this exercise highlights simply how seen and enormous decentralized swaps have turn out to be. Use instruments like Arkham and public DEX explorers. Necessary actions on the chain are hardly ever missed. At present, the pockets continues to carry each ETH and BCH. Additional transfers may present additional clues concerning the technique behind the rotation.
